RDSP Deposit Obfuscations Continue

in RDSP

It is that time of year, when I transfer money into my son’s Registered Disability Savings Plan (RDSP), and I continue to be disappointed by TD. I spoke to a very nice young man on the phone, who followed the  prescribed  method, by transferring money from my trading account to my son’ s account. We were chatting while the transaction bounced around the TD computers, and I asked, ” Are TD ever going to allow me to contribute from my Chequing account?”, and the  young man optimistically responded he thought that this might happen sometime soon .

As most of my regular readers know, I ask this question each time I speak to a TD rep , and I usually tweet the same question to TD.

I received assurances that this circuitous savings method would be updated soon. It has been many years that I have had this RDSP set up, yet, I continue to have to follow this diagram.

RDSP

Deposit Route for Money to My Son’s RDSP

I can deposit to my RRSP, to my children’ s RESPs, but the RDSP continues to be a step too far. Please remember that the TD Direct Investing RDSP is the best product for RDSPs that I can find, but it does have a few shortcomings.

My savings methodology continues to be:

  • Every pay cheque, I transfer a specific amount to my TD trading account
  • I have set up automatic reminders in my calendars to tell me to call TD to do the transfer.
  • I spend 15 minutes chatting with a very nice person from TD who helps me out, and optimistically says that the system will be better
  • A few days later use the funds to rebalance the account (a sleepy portfolio).

Is There a Positive View on This?

The optimistic view on this is that this does force me every 6 months to rebalance and check the portfolio, which is true. This way the portfolio remains relatively well-balanced, and when the governments grant money comes in I can re-balance again.

I would rather be able to deposit funds directly to the RDSP account, from my Chequing account, removing many steps in the process.

Yes, I have written about this before:

Questrade Democratic Pricing - 1 cent per share, $4.95 min / $9.95 max

{ 11 comments }

{ 11 comments… add one }
  • TC August 5, 2017, 1:11 AM

    No, so maybe that’s it. What a strange system.

    Reply
    • bigcajunman August 5, 2017, 6:13 AM

      Are you confident it is an RDSP? The account here on line looks like:

      ##^^##^ – RDSP

      Where #-is a number and ^-is a letter.

      Reply
      • TC August 5, 2017, 2:40 PM

        Yes, it’s an RDSP though my account number has one more number (and, correspondingly, one less letter) than yours. Under account type, it says “Registered Disability Savings Plan”. I’ve been getting the grants, etc. as well.

        Reply
        • bigcajunman August 6, 2017, 7:14 AM

          Me thinks it is time to go call TD, and start moving up the chain of command, thank you for the tip. My suspicion is I have been harassing the wrong folk!

        • TC August 6, 2017, 12:42 PM

          You’re welcome. I hope it gets sorted out.

  • TC August 4, 2017, 7:24 PM

    TD Direct Investing

    Reply
    • bigcajunman August 4, 2017, 8:00 PM

      Interesting, does your account have two identical letters in it? I was told because of that identifier the account wasn’t accessible. Could be that this is your account too, but if it works for you that is a good thing, and it means they can make it work, they just aren’t trying very hard.

      Reply
  • TC August 4, 2017, 6:47 PM

    I’m surprised that you still have to follow this process. I have my RDSP with TD and I contribute to it from my TD chequing account over the phone and also directly from my chequing account with another bank (online through bill pay). Is the reason for the convoluted process because you are contributing to your son’s RDSP instead of an RDSP where you are the beneficiary?

    Reply
    • bigcajunman August 4, 2017, 7:16 PM

      Is your RDSP with TD Direct Investing or with TD Mutual Funds ?

      Reply
  • Ted August 4, 2017, 9:50 AM

    I also use the RDSP out of TV. Overall I have found the service to be good. Although knowledge of the product at the local branch level is limited. I figure I have you to thank for going through first and cleaning up the process. Thanks for posting on this topic as it made my life easier.

    Reply
    • bigcajunman August 4, 2017, 9:56 AM

      If that is my sole achievement I will be quite happy. The major annoyance is that this is so close to being very good, but nothing is being done by TD.

      Reply

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