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Registered Disability Savings Plan the Journey Continues

New System Growing Pains

I have been experiencing some serious issues with the Registered Disability Savings Plan (RDSP) lately. Despite the fact that the plan has been around for a while now, it seems that TD Waterhouse is still struggling to get its act together. Other banks haven’t even set up the RDSP program yet, unfortunately.

Just to recap the fun we have had setting up this long-term savings vehicle:

  • As I outlined in new financial programs are nevery easy we had to fill in a mountain of documentation with a TD representative. We were told it was indeterminate when the account might actually be set up. It didn’t take as long as threatened, but other problems arose.
  • An issue with my wife’s identity arose, as outlined in no you are not married to him. There were some issues with my wife’s last name, that we had to remedy before we were allowed to have the account certified as being genuine (by the Federal government folks), but that is now fixed.
  • The continuing issue with the account is that it is not hooked into the TD Waterhouse online access system, except in a Read Only model. I can look at its contents but can’t do anything with them. It took me a while to get this Read Only capability, and I had to phone TD and stay on the line for about an hour before I was given this access. However, I was told I had to use the phone access TD system to add money to the account. I did find a workaround eventually.

Having outlined the quirks of the system so far, tomorrow I will write about the very obtuse methodology I had to use to actually put money into the RDSP account (yes I am ruining the conclusion of the story, I think I did finally succeed, but only time will tell about that one.

Feel Free to Comment

  1. It would be interesting to know what the problems TD Waterhouse is having. You’d think that RDSPs could just make use of the parts of their RRSP system that are common, but things are rarely that simple.

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