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Ron Malis' RDSP calculator

Ron Malis looks into the camera.

Financial Advisor and former contributor on Kelly and Company, Ron Malis, recently pulled back the curtain on his Registered Disability Savings Plan calculator.

Here are some details about the calculator, as well as the link to it.

By Ron Malis

I recently built an RDSP calculator for my website. I built it because it does a few important things that other RDSP calculators do not do.

Until I launched my calculator, there were only two RDSP calculators I could find online. One put out by the government and another put out by Plan Canada. Nothing wrong with these calculators…they just don’t provide answers to some fundamental questions.

1.   How much will the government contribute to my RDSP?
2.   How much do I need to contribute to my RDSP to collect those government contributions?

The answers to these questions can and often do change from year to year.

And a third question asked a little less often, but still quite important…

3.   When can I start withdrawing money from my RDSP without penalty?

If you don’t know how much you will get from the government or how much it will take from your own pocket, how can you know if opening the account is worth the time, effort and money? So, I built the calculator to answer those questions and other questions as well.  

The calculator leads you through a series of steps that asks you for the information required to calculate the answers to these numbers. Information like, year of birth, the earliest calendar year you qualified for the Disability Tax Credit, the year you opened your RDSP, and information about your income.

You just need to enter the information and the calculator displays the amounts you can expect from the government and the amounts you would need to contribute. You do not need to understand the formulas.

The calculator also allows you to adjust the amounts you want to contribute and subsequently recalculates the corresponding government contributions and calculations for future years.

RDSP calculator