Choosing the Right RDSP Provider: A Guide to Informed Decisions
- Alanthea Clarkson
- Aug 1
- 3 min read
Choosing the Right RDSP Provider: A Guide to Informed Decisions - Trish Explains
Opening a Registered Disability Savings Plan (RDSP) is a powerful step toward building long-term financial security for someone with a disability. But just like picking the right tool for the job, choosing the right RDSP provider can make a big difference in how easy and effective that savings journey is. So let’s walk through it—together.
Where Can You Open an RDSP? Most major financial institutions in Canada offer RDSPs. That includes banks, credit unions, and investment firms. Here are a few of the most commonly used providers:
Big banks, Credit unions and community-based institutions: RBC, TD, Scotiabank, BMO, CIBC
Credit unions and community-based institutions: like Vancity and Assiniboine Credit Union
Online and independent investment platforms: such as Questrade or Wealthsimple (note: not all offer RDSPs yet)
OUR FAVOURITE: Mackenzie Investments
While all of these are approved to offer RDSPs, not all are created equal.
Some focus only on the bare minimum—letting you open the account. Others offer a more thoughtful, client-focused approach. It's important to know that not all financial institutions provide the same level of care and client service when it comes to the RDSP. Many do not have staff who are fully trained in the complexities of the program.
Why the Right Provider Matters: If you can find an RDSP specialist—someone who truly understands the program—you’re already ahead. Look for someone who:
Offers ongoing support, not just at setup
Stays in touch and reminds you about your yearly contributions
Notifies you of program changes or grant/bond opportunities
Helps set up contributions in a way that works for you (monthly, lump sum, or a combination)
Takes time to answer your questions
And most importantly: helps you understand that the RDSP is not just a savings account. It’s an investment.
It should be properly invested with your long-term financial goals in mind. A true specialist will take time to understand your:
Risk tolerance
Risk capacity
Time horizon until withdrawals
They will help ensure your RDSP is invested in a way that aims to grow steadily while managing market fluctuations—and make adjustments as your needs evolve.
Three Key Things to Compare Between Providers
Fees
Setup or annual admin fees
Investment management fees (for mutual funds, ETFs, etc.)
Transfer-out fees if switching providers
Ask: What are all the potential fees for this RDSP?
Investment Options
Some providers offer limited options (just a few funds or GICs)
Others offer more flexibility: stocks, bonds, ETFs, etc.
Ask: What types of investments are available through your RDSP?
Customer Support & Expertise
Are their staff trained in RDSP rules?
Do they offer proactive support?
Do they help with grant/bond tracking?
Ask: Do you have RDSP specialists? How do you support account holders long-term?
Key Questions to Ask When Choosing
What are the total fees for this RDSP account?
What investment choices do I have?
Do you assist with Canada Disability Savings Grant and Bond applications?
Are there contribution minimums or balance requirements?
Is it easy to transfer my RDSP later if needed?
Will I be notified of RDSP rule changes?
Is someone available to answer questions when I need help?
Let’s make this plan work for you—together.
Final Thoughts
The RDSP is one of the most generous and empowering financial tools available in Canada—but it works best when the provider you choose supports your goals. You deserve more than just a place to park your money. You deserve guidance, transparency, and partnership.
For full details on RDSP rules and benefits, visit the Government of Canada’s RDSP overview here:
And if you’re just getting started, I’m here to help walk you through every step—no pressure, just support.
Let’s make this plan work for you.
There is no fee to open a new RDSP through our service, and your consultation is completely free.