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RDSP Providers : TD Investments Continues to Annoy

in Registered Disability Savings Plan

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 (i.e. the best of the RDSP Providers ) 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 that TD is the best of existing RDSP Providers, allow me to now clarify that to 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 for RDSP Providers
RDSP Money Path (using Easyline over the phone)

So note that I cannot do this online in 1 step. I can put money into my trading account using a standard automatic transfer mechanism (step 2), so some of it is automated. I dutifully transfer every paycheque an amount into my trading account to build up the money for the RDSP account (yes, I still think they are one of the best RDSP Providers, but this is driving me crazy).

I found out from this last session on the phone that step 3 is not a straightforward transfer. It is an E-mail sent from the lucky phone representative. I talked to some magical overlord who does the actual transfer. Read that sentence again. The RDSP program at TD is so convoluted that their representatives are not allowed to do a simple transfer. Must they ask someone else to do it? #Seriously?!?

I am starting to wonder just how exciting will it be to withdraw money from this system? Again let me, please reiterate this is the best RDSP Provider out there (currently).

Previous Discussions on Topic

  • The RDSP Page is the Overview of all articles I have written about the RDSP (including DTC and other areas).
    • RDSP : Laying the Ground Work (first things first)
      What needs to be done BEFORE you can apply for a Registered Disability Savings Plan? A major aspect of this is the Disability Tax Credit (DTC), make sure you click on this page to get started.
    • RDSP : Working with The Account
      Now that you have succeeded getting your Disability Tax Credit (DTC) you need to open an RDSP account with a bank or such, but how is that done? It is not as easy as you might think. This page outlines many of the issues that have arisen for my family working with an RDSP account.
    • Disability Tax Related Topics
      Thanks for my RDSP and DTC work I then had to learn a great deal about the tax implications of having a disabled child.
    • Autism Specific Articles
      Being the proud Father of a child on the Autism Spectrum I also ended up writing a great deal about Autism specific things as well.


  • bo August 1, 2020, 9:11 PM

    Woah! IMPORTANT:
    Yes TD Direct Investment RDSP gives you access to online trading, but remember that is in Canadian funds only (unlike other registered accounts). This means you will NOT be able to trade all those wonderful dividend-producing stocks that are listed in the U.S. It will be Canadian-listed stocks only, i.e. mostly resource stocks.

    • bigcajunman August 1, 2020, 10:23 PM

      Was not aware of that, I’ll have to look into that. Currently only buying E-series Index Funds, and Vangard ETFs, so no individual stocks.

      • bo August 1, 2020, 11:21 PM

        Would love to hear what you find. Thanks!

  • Michael July 13, 2020, 8:14 AM

    I just wanted you to know that another institution has left the marketplace. Community Trust will no longer be offering an RDSP effective August 1, 2020. it is unfortunate because they had investment options that no other institution provided and now they are gone.

  • Mark Potvin May 29, 2020, 11:31 PM

    Can a bank(BMO) CLOSE an RDSP Fund that was due to mature in 2026? BMO said there is a GMA (Guaranteed Maturity Amount) but did not say what happens to the Fund if it rebounds to exceed this amount. Any new deposits are to go to a Premium Savings Acvount” , within the Fund. (paying next to nothing). Is this legal??? What can I do as the plan holder, for our son?

  • Robert Pearson March 9, 2017, 4:04 PM

    Have just moved son’s RDSP from BMO to TD. Anxiously waiting for any followups to 11th Oct 2016 article.

    • bigcajunman March 9, 2017, 4:15 PM

      Nothing much new really, still can’t transfer directly into a TD Direct Investing account RDSP from anywhere except a TD Trading account. I’ll see if I take another run at them and see if I can find out more of what is going on.

  • 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.


    • smayer97 March 11, 2019, 2:09 PM

      Care to share with the rest of us too please?


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