In most cases, choosing the Holder of an RDSP account should be straightforward.
1. If the Beneficiary is a child – then the Holder will most likely be the parent.
- If the parents are deceased and the child is cared for by a legal guardian, then the guardian will be the Holder.
- If the parents are separated or divorced, then the Holder will be the “legal” parent, as determined in the separation or divorce.
- If the child is in the care of Child Welfare or Children’s Aid authorities, then the Holder will be determined by provincial policy. It may be the Child Welfare authorities or the public guardian or trustee.
2. If the Beneficiary is an adult and ABLE to manage his or her own financial affairs, then the Holder will most likely be the Beneficiary.
- If the Beneficiary chooses, he or she may appoint another person to manage their RDSP by appointing a Power of Attorney or, in BC only, a Representative under the Representation Agreement Act.
3. If the Beneficiary is an adult and NOT ABLE to manage his or her own financial affairs, then a legally authorized person or entity must act as the Holder.
- Currently, where people are deemed not to have legal competency, each province has a process whereby an adult guardian can be appointed. In most provinces this is a legal process which requires a court appointment. The adult guardian is referred to by different names in different provinces (e.g. adult guardian, curator, trustee, committee).
- In BC, a person in this situation is able to name a Representative under the Representation Agreement Act to act as Holder for their RDSP.
- Contact us if you require assistance with this process.