knowledge topics

RDSP Attributes

KNOWLEDGE EXPECTED OF: Both CFP^® Professionals and QAFP^TM Professionals

Define a Registered Disability Savings Plan.¹
Identify that a Registered Disability Savings Plan is commonly associated with accumulating assets for individuals with disabilities.
Explain advantages associated with a Registered Disability Savings Plan.
Define the parties to a Registered Disability Savings Plan.²
- The plan issuer
- The plan holder
- The beneficiary
Explain the role of each of the parties to a Registered Disability Savings Plan.
Identify the requirements to be a beneficiary of a Registered Disability Savings Plan.³
Explain the parties who may be a plan holder of a Registered Disability Savings Plan (RDSP).²
- When the beneficiary is under the age of majority
- When the beneficiary has reached the age of majority and is contractually competent to enter into a plan
- When the beneficiary has reached the age of majority but his or her contractual competency to enter into the plan is in doubt
- When the beneficiary has reached the age of majority but is not contractually competent to enter into a plan
Identify that a beneficiary may only have one Registered Disability Savings Plan.
Identify the current financial support made by the Government of Canada to Registered Disability Savings Plans.¹
Explain how family income is defined for the purposes of the Registered Disability Savings Plan Grant and Bond.⁴
- Until the end of the year in which the beneficiary turns 18
- From the year in which the beneficiary turns 19 onwards
Explain how the amount of the Canada Disability Savings Grant is determined.⁴
- Based on contribution
- Based on family income
Identify the amount of Canada Savings Disability Grant to which a beneficiary may be entitled.
Identify the maximum Canada Savings Disability Grant to which a beneficiary of a Registered Disability Savings Plan may be entitled.⁵
- Annually
- Lifetime
Identify the period during which the beneficiary may receive the Canada Savings Disability Grant.⁵
Explain how a beneficiary’s entitlement to the Canada Savings Disability Grant may be carried forward.⁵
- Since 2011
- Maximum limits
- Maximum number of years
Explain how the amount of the Canada Disability Savings Bond is determined.⁵
Identify the amount of Canada Disability Savings Bond to which a beneficiary may be entitled.
Identify the maximum Canada Disability Savings Bond to which a beneficiary of a Registered Disability Savings Plan may be entitled.⁵
- Annually
- Lifetime
Identify the period during which the beneficiary may receive the Canada Disability Savings Bond.
Explain how a beneficiary’s entitlement to the Canada Disability Savings Bond may be carried forward.⁵
- Since 2011
- Maximum limits
- Maximum number of years
Explain the events that will require the repayment of Canada Disability Saving Grant or Canada Disability Savings Bond amounts.⁵
Identify the amount of Canada Disability Savings Grants and Canada Disability Savings Bonds that must be repaid when events trigger this requirement.
Identify qualified investments as prescribed by the Canada Revenue Agency that may be held in a Registered Disability Savings Plan.⁶
Identify non-qualified investments as prescribed by the Canada Revenue Agency that may not be held in a Registered Disability Savings Plan.⁷
Explain the tax that may be imposed by the Canada Revenue Agency when a Registered Disability Savings Plan contains a non-qualified investment.⁸

Glossary of Verbs (mouse over to see definition)

Define

To state exactly the meaning of
Identify

To be aware of / to recognize and correctly name / to locate an appropriate resource
Explain

To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
Compare

To note the similarities and differences between two or more things
Estimate

To determine an approximate value for
Calculate

To find the value using mathematics
Convert

To change from one form or purpose to another
Evaluate

To reach a conclusion or make a judgement through careful study
Interpret

To give the meaning of / to construe or understand / to translate orally

REFERENCES

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Financial Planning Body of Knowledge

knowledge topics

RDSP Attributes

KNOWLEDGE EXPECTED OF: Both CFP® Professionals and QAFPTM Professionals

Glossary of Verbs (mouse over to see definition)

REFERENCES

KNOWLEDGE EXPECTED OF: Both CFP^® Professionals and QAFP^TM Professionals