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.
— Alan Whitton (@alan_whitton) August 1, 2017
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.
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: