An RDSP is a savings plan designed to help you, your family and friends save for any long-term financial needs you might have. While not tax deductible, your RDSP may be boosted by government grants. This includes:
Matches contributions up to $3,500 annually and $70,000 total, depending on your family income.
Adds up to $1,000 annually and $20,000 total to the RDSPs of lower income families.
At Northern Credit Union, eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA)
*To a maximum of $500 per year per beneficiary and $7,200 over the lifetime of the RESP per beneficiary.