I seem to have collected a few dedicated readers who continue to struggle with the RDSP (Registered Disability Savings Plan) vehicle (as do we all), and from one of them, I got the following e-mail:
Thanks! There are some non-independent advisors out there (associated with a bank or other financial institution) who have developed a specialty in RDSPs out of personal interest, but I have yet to meet an independent one. So far independent advisors know less about RDSPs than we do.
This e-mail came in response to an answer I had written about the ability to slide funds from an RESP to an RDSP (should the child involved not go to a registered training program that the RESP could be used for). If you are looking for more information on this read the CRA page, RDSP Bulletin No. 4, it explains the rules around this.
I try very hard to help folks with RDSPs as best I can, but sometimes I am out of my league. With most of my advice, I tell folks they should check with the CRA or another trained professional. It is really disheartening to hear that most independent advisors don’t know about the RDSP program.
What Next ?
I continue to harass the big banks about this, but the RDSP continues to not be on their radar scopes. TD Waterhouse offers an actual account, that is as good as it gets for folks who want to have a finer control on the investments (i.e. not just buy Bank Mutual Funds), but it continues to have shortcomings too (i.e. unable to set up an automatic savings schedule transferring money from a checking account directly to the RDSP account).
Friend of this site Ellen Roseman continues to try to help out as well, and for that I am thankful.