How do you take RDSP withdrawals? + MORE Jun 12th

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Recently, OpenAI announced new banking integrations that would let ChatGPT connect directly to users’ financial accounts, giving it the ability to provide personalized insights based on spending habits, account balances, and financial activity. The company says hundreds of millions of people already use ChatGPT for financial questions every month.

For years, AI was mostly a place to ask general questions about budgeting, investing, or debt. Now it’s moving closer to becoming an active participant in our financial lives. Asking ChatGPT to explain how a TFSA works is very different from giving it your transaction history, spending habits, debts, and account balances. The conversation is shifting from education to personalization, raising new questions around privacy, trust, and responsibility.

The timing is interesting, because it comes amid a growing debate about how much trust consumers should place in AI when it comes to money. That debate spilled into the mainstream recently when bestselling author and podcast host Mel Robbins encouraged people to upload their financial information into AI tools and ask for guidance…

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Registered disability savings plans (RDSPs) were created in the 2007 federal budget, and the first accounts were opened in December 2008. It took a while for financial institutions to offer them and, even now, you cannot open RDSPs everywhere. 

Most Canadians with RDSPs have only ever deposited money. This is a primer on withdrawing from these specialized accounts.

Opening an RDSP

If you qualify for the disability tax credit (DTC), you can open an RDSP. The disability tax credit is a non-refundable tax credit for Canadians who have a qualifying physical or mental impairment. 

You apply to the Canada Revenue Agency (CRA) for approval, and beyond the annual tax savings potential, the DTC is the gateway to opening an RDSP. 

Government grants and bonds

RDSP contributions attract government grants and bonds that vary depending on the beneficiary’s adjusted family net income. 

For income below $114,750 for 2025, the grants are:

$3 for every $1 contributed on the first $500 contribution (so, up to $1,500 a year of grants)

$2 for every $1 contributed on the next $1,000 (so, up to $2,000 a year of additional grants)

For higher income families, there is a dollar for dollar grant on the first $1,000, maxing out at $1,000 of grants…