TD Investments RDSP Continues to Annoy

It is that time of year again, for me to go through the odd set of steps to move money into my son’s TD Direct Investing RDSP account. First let me point out that the TD Direct Investment RDSP is the best one that I can find on the market (do not be confused TD has a  TD Mutual Fund version, you should ignore), in terms of its ability to allow me to invest in what I want, and  receive the correct Government grants.

Now that I have said this is the best, allow me to now clarify that to actually put money into this account is the most convoluted, horse manure interface that could be concocted by a set of Lawyers and Accountants (and possibly throwing in a Modern Dance Choreographer). I have written previously about the steps I must take to put money into this account, however, this last time I got a glimpse at the end of the deposit part of the process.

Previously I pointed out that the steps were:

RDSP Money Path

RDSP Money Path (using Easyline over phone)

So note that I cannot do this on-line. I can put money into my trading account using a normal automatic transfer mechanism (step 2), so some of it is automated. I dutifully every pay cheque transfer an amount into my trading account to build up the money for the RDSP account.

What I found out from this last session on the phone was that step 3 is not actually a straight forward transfer, it is actually an E-mail sent from the lucky phone representative who I talk to on the phone, to some magical over-lord who does the actual transfer. Read that sentence again, the RDSP program at TD is so convoluted that their own representatives are not allowed to do a simple transfer, they must ask someone else to do it? #Seriously?!?

I am staring to wonder just how exciting will it be to withdraw money from this system?



{ 7 comments… add one }
  • David October 11, 2016, 10:55 AM

    My account is “SDRSP”. I’m assuming that it’s an RRSP account. Maybe I’m wrong. Or maybe in the hours I spent with TD employees, one of them ticked a box that let’s me put money in online.

    • bigcajunman October 11, 2016, 10:59 AM

      Yes I have two SDRSP (one RRSP and a Spousal which I am allowed to see). An RDSP Looks like this on-line

      CAD XXXXXXN – RDSP I believe the N is what makes the account very hard to do things with (or possibly a double character marker in the name).

  • Michael James October 11, 2016, 10:52 AM

    Perhaps your RDSP is like a DOBA that I wrote about on an April Fools Day (DOBA = Deposit-Only Bank Account).

    • bigcajunman October 11, 2016, 10:56 AM

      Except in this case, depositing is actually not possible either?!?!? I note the money was not there this morning (and I did call on Friday).

  • David October 11, 2016, 10:26 AM

    I signed up for a TD trading account this summer. I think I’m doing it all online and I think the money is going to the right place.

    But it’s been a major hassle. Requiring multiple visits to a branch and a lot of time on the phone.

    TD is not client-focused with their online system.

    • bigcajunman October 11, 2016, 10:34 AM

      A normal TD Direct Investing account works just fine on-line, however, the RDSP is an exception (and even the account number has a Letter in it that says, “Treat this specially”).

  • Brian Poncelet October 11, 2016, 8:48 AM

    Hell BC,

    I sent you a tweet. I am suggesting you have additional choices on top of the RDSP.
    More control etc. Feel free to give me a shout.



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