this is the equivalent of an rrsp for disabled people, so i can buy stocks, bonds, mutual funds, etc with money transferred into it.
- the account opens with $10000
- the government will deposit $1000 per year for the remaining five years, for an additional $5000.
the maximum amount of matching grants i can get are as follows:
- the first $5000 (500*10) deposited into the rdsp will be matched at 3x (for 2015-2025)
- the next $10000(1000*10) deposited will be matched at 2x (for 2015-2025)
- amounts for 2026-2030 will be an additional 500 per year matched at 3x and additional 1000 per year matched at 2x.
but there is a maximum matching amount of $10500 per year, to a total of $70000. it will carry forward each subsequent year.
that means that the max for 2025 (i deposited before dec 31, 2025) will be $3500. the government will match 500 for the years 2015-2021, that is 7 years at 500. so, if i can get $3500 in the account somehow by dec 31, 2025, the government will deposit an additional $10500.
the max for 2026 will then be 500 for 2022-2025 (4*500 is 2000 multiplied by 3 is $6000) plus 1000 each for the next 2 years, 2015-2016 (2*1000 is $2000 multiplied by 2 is 4000) plus $250 more for 2017 ($500). that would be a total of $2000+$2000+$225 = $4225. so, if i can somehow get $4225 in the account between jan 1-dec 31, 2026, the government will deposit an additional $10500.
the max for 2027 will be the $500 for 2026 (500*3 = 1500) plus $750 for 2017 ($1500) plus 1000 each for the next three years (2018-2020) (3*1000 is 3000 multiplied by 2 is 6000), plus 750 for 2021 ($1500). that adds up to 500+750+3000+750=$5000. so, if i can get $5000 in there over 2027, the government will deposit an additional $10500.
the max for 2028 would be 500 for 2027 ($1500), plus the 250 left from 2021 ($500) plus 1000 each for the next four years (2022-2025) (4*1000 is 4000 multiplied by 2 is 8000) plus 250 from 2026 ($500). that adds up to 5000. so, if i can get 5000 n there over 2028, the government will deposit an additional $10500.
the max for 2029 would be the $500 from 2028 (500*3 = 1500) plus 750 from 2026 ($1500) plus $1000 per year for 2027, 2028 ($2000*2 = $4000) + 500 from 2029 ($1500) plus $1000 from 2029 ($2000). that adds up to $4750 to max out at $10500.
the max for 2030 would be $1500, and the government would deposit an additional $3500.
the government would stop contributing when i turn 50. so i would max out at 56000, less than $70000. however, with the extra 15000 in bonds, it's over $70,000.
that means i'm currently looking at getting $3500 in there by the end of the year to get the $10500 for 2025 and $4225 in there next year to get the $10500 for 2026.
4225/12 = $355.
i could do that.