Self-directed RDSP in Canada: who offers one and what it can hold

A self-directed RDSP lets the plan holder choose the investments instead of picking from a bank's shortlist. Very few issuers offer one. This guide names the issuers whose own documents describe a self-directed route, explains what Canada Revenue Agency (CRA) guidance lets a plan hold, and shows what the wrong purchase costs. Issuer pages, Government of Canada pages and CRA guidance were read on October 8, 2026.

What is a self-directed RDSP?

A self-directed RDSP is a trusteed plan where the holder picks the investments within what the law and the issuer allow. CRA guidance calls trusteed plans with a wide choice of investments self-directed plans. Grants, bonds and contribution limits stay the same. What changes is who chooses, how many options exist and who does the monitoring.

The alternative is a plan with a closed shelf. RBC's RDSP page lists GICs, mutual funds, portfolio solutions and savings deposits. CIBC's page lists mutual funds, CIBC Smart Investment Solutions, GICs and savings. BMO's page lists GICs and mutual funds through a BMO professional. Those are real RDSPs with fewer things to buy and a person guiding the choice. Our BMO RDSP guide covers that route in full.

Government support does not depend on the model. The Government of Canada says the grant or bond amount depends on family income and what you contribute, and it describes no difference by issuer. The choice is about control, cost and workload, not about earning more government money.

Which institutions offer a self-directed RDSP in Canada?

Two brokerage routes appear in the issuers' own materials: TD Direct Investing and National Bank Direct Brokerage. Most other issuers publish managed options. The BCSC's InvestRight site says only a few institutions and brokers offer self-directed RDSPs, so confirm the route in writing before moving money.

TD Direct Investing's self-directed RDSP page offers an online application. It lists stocks, options, mutual funds, fixed income, ETFs and GICs as investment choices. Cash contributions must come from a TD Direct Investing cash or margin account or a TD Canada Trust account, and cheques, bank drafts and securities in kind are also accepted. Our TD RDSP guide walks through opening, fees and transfers.

National Bank's Direct Brokerage forms page lists an application for a self-directed disability savings plan. It says the plan is available only to beneficiaries of legal age who can manage the account themselves, and that you contact the brokerage to open it. The plan application names Natcan Trust Company as issuer and National Bank Financial Inc. as agent.

Main Street Credit Union's RDSP page names Qtrade Direct Investing for managing an RDSP independently. Qtrade's registered accounts page lists the FHSA, TFSA, RSP, LIRA, RESP, RIF and LIF but no RDSP. Qtrade is a division of Aviso Financial Inc., which appears on the government's issuer list. Treat Qtrade as unconfirmed until Qtrade or Main Street confirms it in writing.

The Government of Canada's issuer list does not include Questrade or Wealthsimple. It shows only organizations that consented to be listed and says other providers may still open an RDSP, so absence is not proof.

Who makes the investment decisions in a self-directed RDSP?

The plan holder decides, and the holder is not always the beneficiary. An adult beneficiary who can enter a contract must be the holder. A parent can hold for a minor, and a legal representative or certain family members can hold for an adult who cannot manage a contract on their own.

The Government of Canada lists the qualifying family members as a spouse, common-law partner, parent or adult sibling. Both holder and beneficiary need a Social Insurance Number. A beneficiary can have only one RDSP, and changing the holder means asking the existing holder to make the request through the financial organization.

The holder question decides which route is open. National Bank's stated scope covers adult beneficiaries who can manage the account themselves, so a parent holding for a young child falls outside what its forms page describes. TD's page states the beneficiary criteria without naming a holder restriction, so ask TD to confirm the holder rules for your situation. Our account-opening checklist explains who should be the holder before you apply.

How do self-directed RDSP costs compare?

Costs depend on the issuer and on what you buy. TD publishes trading commissions, a quarterly maintenance fee and a transfer fee. National Bank's plan terms say the trustee prescribes fees, which may be deducted from plan assets. Ask each issuer for a written schedule that matches the trades you expect to make.

Amounts below come from TD Direct Investing's commission schedule (ref. 521778, July 2026), read October 8, 2026. They apply to online trades, exclude taxes and can change. Confirm them with TD before you sign.

Fund and ETF expense ratios sit outside any brokerage schedule and reduce returns every year. Comparing a GIC with a market portfolio does not isolate issuer costs, so price the same planned mix at each issuer.

What can a self-directed RDSP hold?

A self-directed RDSP can hold qualified investments: money, GICs and other deposits, most securities listed on a designated stock exchange, ETFs and mutual funds. The CRA keeps no master list of qualifying products, and an issuer can allow less than the law does. Check the legal rule and the issuer's own list before buying.

Three layers set the limits. The outer layer is the Income Tax Act and its regulations. The middle layer is the issuer's own policy. The CRA's qualified investments folio notes that many firms limit the investments they allow beyond what the law requires, and TD's own guideline for its self-directed plans says the same. The inner layer is what you actually choose.

The same folio says plan trustees must try to minimize the chance of a non-qualified holding, but the tax consequences still fall on the holder. National Bank's plan terms state that each holder is responsible for making sure every investment is a qualified investment.

Prohibited investments are a separate category. CRA Form RC339 describes them as property closely connected to the holder, such as the holder's own debt or shares in a business in which the holder has a significant interest, generally 10% or more.

What happens if a self-directed RDSP buys a non-qualified investment?

The holder owes a one-time tax of 50% of the investment's fair market value when it was bought or stopped qualifying, and files Form RC339 by June 30 of the following year. The tax can be refunded if the investment is sold by the end of the following calendar year, unless the holder knew or should have known.

Take an illustrative case. A plan buys $4,000 of a non-qualified security. The 50% tax is $2,000, filed and paid by the holder on Form RC339, and the plan itself is taxed on income earned from that security. That is why the check belongs before the trade.

The CRA's tax payable page adds three points. The issuer must notify the holder before March if a non-qualified investment was acquired or disposed of in the previous year. A prohibited investment triggers the same 50% tax plus a 100% advantage tax on its income and gains. Every holder is jointly liable, and the CRA may waive or cancel tax when a reasonable error caused it.

How should you plan withdrawals from a self-directed RDSP?

Plan for cash before the first payment is due. Regular payments must begin by December 31 of the year the beneficiary turns 60. Grants and bonds paid in the previous 10 years are repaid at $3 for every $1 withdrawn, up to the total paid. Holdings must be sellable on that timeline.

A self-directed plan puts the selling work on the holder. Each payment needs units sold, and each sale can carry a commission. The Government of Canada says rules for single payments differ by organization, so ask your issuer how it handles them. TD's FAQ adds that a payment is not allowed if the plan's market value after it would fall below the assistance holdback amount, which is the grants and bonds paid in the prior 10 years less any repaid.

Tax follows the same split in every plan. Grants, bonds and investment income are taxable when paid out, and original contributions are not. Withdrawals can also affect provincial benefits in Quebec, New Brunswick and Prince Edward Island. Our RDSP withdrawal guide covers the repayment rules in detail.

Should you choose a self-directed or an advisor-managed RDSP?

Choose self-directed if the holder can research, buy, monitor and sell investments and wants a wide menu. Choose an advisor-managed plan or a closed shelf if you want guidance or a simple GIC and fund menu. Neither model earns more grants, and neither is automatically safer or better performing.

You are not locked into the first choice. The Government of Canada allows a transfer to another participating financial organization, but only for the full amount in the plan. The holder starts it and both organizations complete the forms. RBC's RDSP page shows two different transfer-out amounts in different places, so ask your current issuer for the figure that applies.

Our RDSP provider comparison sets issuers side by side.

Frequently asked questions

Who offers a self-directed RDSP in Canada?

TD Direct Investing and National Bank Direct Brokerage both describe self-directed RDSP routes in their own materials, with National Bank limiting its route to adult beneficiaries who can manage the account. Main Street Credit Union names Qtrade, but Qtrade's registered accounts page lists no RDSP. Confirm any route with the issuer in writing.

Can I hold stocks and ETFs in an RDSP?

Yes, if your issuer allows them. CRA guidance treats most securities listed on a designated stock exchange, including ETF units, as qualified investments. Several large banks list only GICs, mutual funds and similar products, so stocks and ETFs usually need a self-directed plan at a brokerage. Check the issuer's own list first.

Can I open my own RDSP?

Yes, if you are an adult approved for the disability tax credit who can enter a contract. You must also be a Canadian resident with a Social Insurance Number and apply by December 31 of the year you turn 59. If you cannot manage a contract, a legal representative or qualifying family member opens it.

How much money can I put in my RDSP?

There is no annual limit, but the lifetime contribution limit is $200,000 per beneficiary, and contributions stop after the year the beneficiary turns 59. Grants and bonds follow separate rules and end after the year the beneficiary turns 49. Read our contribution limit guide for how transfers and rollovers count.

Which bank in Canada offers the best RDSP accounts?

No bank is best for everyone, because grants and bonds are the same at every issuer. Compare how you open the plan, what it can hold and what it costs. A holder who wants to choose investments needs a self-directed route, and a holder who wants guidance may prefer a managed plan.

Can I use my RDSP to buy a home?

Money paid out of an RDSP goes to the beneficiary. CIBC says there is no restriction on how payments are used, and RBC says any purpose that benefits the person with the disability. Taxable portions are taxed, and grants and bonds from the past 10 years may need repaying, so speak with your issuer first.

Not sure which RDSP route fits?

If you are unsure whether the beneficiary qualifies, or which type of plan fits your family, start with RDSP.ca's online eligibility questionnaire. An advisor can then explain your next steps and help you compare self-directed and managed routes before you commit to an issuer.