One of the cornerstones you can set up to plan for your disabled child’s future is the RDSP (read the CRA page for all info). The grants from this program will help you set up funds for your disabled child’s future since planning for the day that you are not around to help your child is one of the more significant worries for most parents of disabled kids.
I have written about the trials and tribulations I have, setting up an RDSP with TD/Waterhouse. I have been happy with the system (see the bottom of this post for a list of the posts on this topic so far). However, I have found yet another annoyance to tick me off a little more.
Let me preface this: I learned all of this on the coldest day of the year so far, where I am doubtful to want to go out anywhere to do anything, which may explain my RDSP and TD aggravations level being so high.
We had decided that we should be putting money in each of our paycheques into our son’s RDSP to take advantage of the grants and such, and previously to set up this kind of auto-magic savings has been relatively simple TD website. Creating a Pre-Authorized Purchase Plan is an actual function on the TD Mutual fund website, so I assumed that for TD/Waterhouse, it might be just that simple. You can guess, that was not the case.
I noticed that it was not possible on the online interface to transfer money into the RDSP account at all. It is possible to move to my TFSA, RRSP or trading account, but the RDSP account did not appear on the list of bills I could transfer money into, which annoyed me, but I assumed it meant that I had to call into the Easyline folks and do things that way. Not being a great telephone person, but I finally forced myself to call in to Easyline.
I spoke to a polite young man, who was very apologetic and he said he could not help me, that I had to go into the Bank branch and set up the automatic payments there.
How can any bank force me to go into their branch (when it is -30 Celsius outside) to DEPOSIT money into a savings vehicle?
I am irked (nay, even peeved) that I must now trudge into my local TD branch to ask them to transfer money bi-weekly into my son’s RDSP, and I will keep my regular readers posted on my progress in this area.
Addendum RDSP and TD Aggravations
I eventually did figure out a way to make this work. In TD Direct Investing RDSP Deposits, I outline making my son’s RDSP a payable bill. It took a while to make it work, but now I am making bi-weekly payments to the account.
Other RDSP Posts to Read:
- RDSP Completion of Initial Work which sums up what had to happen to set up my son’s RDSP with TD
- Registered Disability Savings Plan an introduction to the program.
- New Financial Programs are Never Easy I outline the steps we took to actually set up the account with TD
- No You Are Not Married to Him outlines the issues we ran into with my wife’s identity that got tripped by applying for the program
- The Journey Continues continues the saga of attempting to put money into the RDSP.
- The Journey Continued is me ranting about how long it took to actually transfer money to the account (while watching the Monaco Grand Prix).
- Registered Disability Savings Plan: The Other New Government Savings Plan which is a guest post written as an overview of the program as well.