RESP family plan contribution

Apr 9th, 2020 3:01 pm

#1

stimy [OP]: Sr. Member; Oct 27, 2009; 608 posts; 425 upvotes; Hamilton

Apr 9th, 2020 3:01 pm

I'd like to contribute a lump sum to a family plan at TDDI.

There are two kids on the plan. If I contribute $5,000 will they know to automatically split it in half for each? Or what if I want to catch up on one kid, and submit the entire amount for the one child.

I've been trying to get through to TD to ask this question but it's near impossible getting through these days.

I've only made contributions in person so far. So I'm not sure how the online works. If anyone has any experience with this, please let me know.

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Apr 9th, 2020 3:25 pm

#2

hobbes778: Sr. Member; Dec 18, 2008; 943 posts; 75 upvotes

Apr 9th, 2020 3:25 pm

When I set up my RESP for 2 kids with CIBC, I had to specify the allocation between (50/50). I contributed $10K online and they split it 50:50 as I specified.

Apr 9th, 2020 7:50 pm

#3

Thanh: Deal Addict; Oct 14, 2001; 1691 posts; 514 upvotes; GMA

Apr 9th, 2020 7:50 pm

To simplify management, I've created a Family plan for each of my kid. Nowadays with the all-in-one portfolio ETF, it really adds up 5min to my annual management.

And if one doesn't go school, you can easily add a sibling to the plan.

Apr 9th, 2020 8:13 pm

#4

someguy23: Jr. Member; Apr 23, 2011; 116 posts; 61 upvotes; Toronto

Apr 9th, 2020 8:13 pm

I have personal experience with this. I set family plan up to split equally between 3 kids in the beginning.

Each year I call in to TDDI and have them allocate $5000 to one child and $2500 each for the other 2.
Once I’m caught up, any money put into RESP will be automatically allocated to each child equally as that’s how it was set up initially. I was told this is the only way it can be done.

+1

Apr 9th, 2020 8:45 pm

#5

stimy [OP]: Sr. Member; Oct 27, 2009; 608 posts; 425 upvotes; Hamilton

Apr 9th, 2020 8:45 pm

someguy23 wrote: ↑ I have personal experience with this. I set family plan up to split equally between 3 kids in the beginning.

Each year I call in to TDDI and have them allocate $5000 to one child and $2500 each for the other 2.
Once I’m caught up, any money put into RESP will be automatically allocated to each child equally as that’s how it was set up initially. I was told this is the only way it can be done.

Do you call before transfering money in the resp, or can you do it after the fact?

Apr 9th, 2020 9:10 pm

#6

wilyam: Member; Dec 26, 2013; 469 posts; 159 upvotes; Ottawa

Apr 9th, 2020 9:10 pm

Years ago i moved my RESPS from to TDDI from TDCT but switched back like a month later. I didn’t like that you couldn’t set different allocations/funds specific to each child like you can with TDCT. I like to change their allocations/risk as they get closer to 18. If I remember when you make a deposit with TDDI you have to call in to tell them what child you want the funds to go to? Unless something has changed?

+1

Apr 9th, 2020 10:12 pm

#7

someguy23: Jr. Member; Apr 23, 2011; 116 posts; 61 upvotes; Toronto

Apr 9th, 2020 10:12 pm

stimy wrote: ↑ Do you call before transfering money in the resp, or can you do it after the fact?

I call and tell the agent how much to transfer and what dollar amount to allocate to each child.

Apr 10th, 2020 10:22 am

#8

HoTiCE_: Deal Addict; Feb 21, 2004; 1444 posts; 205 upvotes; Montreal

Apr 10th, 2020 10:22 am

With Questrade, you just have to specify once the required split (50-50 in my case) and any subsequent contribution is done per those instructions until further notice on your end

Apr 10th, 2020 2:38 pm

#9

stimy [OP]: Sr. Member; Oct 27, 2009; 608 posts; 425 upvotes; Hamilton

Apr 10th, 2020 2:38 pm

Thanks for the replies everybody. I'll just keep trying to get through and do it that way.