Empire Life launches Canada's first RDSP offered by a life insurance company
KINGSTON, ON, Oct. 6, 2025 /CNW/ - The Empire Life Insurance Company (Empire Life) announced today the launch of its new Registered Disability Savings Plan (RDSP), the first of its kind offered by a Canadian life insurance company. This new option combines the benefits of the government's RDSP program with features of segregated funds.
"Empire Life's RDSP is designed to help Canadians with disabilities and their families build a more financially secure future," says Steve Pong, Senior Vice-President and Chief Operating Officer, Insurance and Investments. "Our RDSP allows those who qualify to take advantage of very powerful government benefits with the added protection and peace of mind that segregated funds offer."
Similar to other registered plans, investments within RDSPs grow on a tax-deferred basis, and offer flexibility and the opportunity to accelerate savings growth through government grants and bonds. Currently, only about one-third of eligible Canadians have an RDSP1, which represents a significant missed opportunity for tax-deferred savings and government assistance.
By extending access to insurance-licensed advisors to offer RDSPs this further expands the potential for more Canadians to take advantage of the financial security offered by RDSPs.
"Applying for the Disability Tax Credit (DTC) and a Registered Disability Savings Plan (RDSP) can be complicated and confusing," says Steve Pong, "we plan to support customers and advisors through the application process for both DTC and RDSPs."
Key features of RDSPs
- Government grants and bonds: Up to $70,000 in Canada Disability Savings Grants and $20,000s in Canada Disability Savings Bonds are available to eligible individuals.
- Tax-deferred growth: Investment growth is tax-deferred until withdrawals are taken.
- Flexible contributions: No annual limits, with a lifetime maximum of $200,000.2
For more information and additional resources to learn more about RDSPs and better understand how they can empower the financial future of eligible Canadians with disabilities, visit empire.ca/RDSP.
About Empire Life
Established in 1923 and a subsidiary of E-L Financial Corporation Limited, Empire Life provides individual and group life and health insurance, investment and retirement products to Canadians. The company's mission is to help Canadians navigate life with confidence and this new RDSP is a testament to that commitment. As of June 30, 2025, Empire Life had total assets under management of $19.7 billion. Follow us on social media @EmpireLife or visit empire.ca for more information.
1 Source: Employment and Social Development Canada, Canada Disability Savings Program: 2023 Annual Report, Table 6: Historical RDSP take-up rate, Canada (2014 to 2023) | |
2 If eligible, based on family net income. |
SOURCE The Empire Life Insurance Company