Personal Finance

best way to deposit USD for RESPs

  • Last Updated:
  • Jun 28th, 2019 11:49 am
[OP]
Newbie
Nov 25, 2007
36 posts
2 upvotes
Ottawa

best way to deposit USD for RESPs

best way to deposit USD for RESPs
Should I open a TD US$ account and then transfer when I think CAN$ is at a low point?
thanks in advance
3 replies
Sr. Member
Jun 18, 2003
657 posts
43 upvotes
Port Moody
USD acct under resp is not allowed, at least not in RBCDI...
Sr. Member
Dec 28, 2007
766 posts
262 upvotes
If you're at TDDI, you should be able to transfer USD to your non-registered account and buy units of the TD USD money market fund (TDB166). Once that purchase has settled, you can do an in-kind contribution to your RESP account. I suppose you could try to pick a day when the exchange rate is in your favour, although stock prices could move against you in the meantime. Call TDDI to register your account for their "automatic U.S. Dollar Money Market Sweep & Redemption Service" to automatically buy/sell TDB166 when you sell/buy US stocks: https://www.td.com/ca/products-services ... ersion.jsp

You could also buy US stocks in your non-registered account and contribute them in-kind to your RESP, skipping the money-market fund step.
[OP]
Newbie
Nov 25, 2007
36 posts
2 upvotes
Ottawa
JUnit wrote:
Jun 27th, 2019 1:05 pm
If you're at TDDI,
Thanks very much. I'll look into that.

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