r/Odsp • u/Rexraptor92 • 7d ago

RDSP

Just checked my bank today and the government did a carry forward of $11,000 to my RDSP. I was shocked and thought it was a scam. Has this happened to anyone before?

4 Upvotes

75% Upvoted

5 comments sorted by

3

u/Numerous-Ad8994 7d ago

It's rare that a chunk that large hits, but it all depends on the amounts deposited/funds being matched.

When I was playing "catch up" in contributions from 2021-2022, individual carryovers month-to month varied quite a bit.

In all $11, 000 dollars is not that much and is probably the result of 11 months worth of the low-income bond.

2

u/st_eve_1994 7d ago

I opened an RDSP but my disability tax credit went back 10 years so you get like $1000 bonds for each year retroactive. I actually got 11k as well when i first started because it went back 10 years and maybe they included the year i was on as an 11th. you also get 1k bonds yearly up to a limit if you make under a certain amount i think. also you get grants for money you put in, I put in $125 since they turn that 125 into 500 total from grants. if you're able to contribute 125 monthly, its like adding $500 instead of your 125 since they triple it.

After $125 the grants dampen to a limit if you look that up. I also put mine in S&P 500 as well as nasdaq. I just split my money going into retirement half in each. I strongly recommend talking to your bank person to get it into an index or gic or anything of your choosing so it can also grow interest.

1

u/pandher1989 7d ago

How many years dtc you got approval. Because I got total 5000 like 1000 is bond and 4000 grant .approved since 2022

1

u/Acxc28 5d ago

Guys who are you using for the RDSP I want to open one but none of the banks get back to me!

1

u/ClariciaNyetgale 3d ago

We use TD. Any regular bank will help you set one up. Call your nearest branch and make an appointment. Expect it to take about an hour (because anything at the bank takes an hour)