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:
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
- TD Direct Investing RDSP Deposits includes the resolution of this issue!
- RDSP and TD Aggravations pretty much the day after I opened the account, I noticed the deposit issue.
- Not a very big step taken, in fact none at all, really, RDSP with TD Direct Investing a Step in the Right Direction
- RDSP update and a TD Explanation in 2013 TD claimed they would “fix” the deposit issue, as you have read, they didn’t.
Related RDSP Pages
- 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.
- RDSP : Laying the Ground Work (first things first)
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.