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RESP family plan contribution

  • Last Updated:
  • Apr 10th, 2020 2:38 pm
[OP]
Sr. Member
Oct 27, 2009
608 posts
425 upvotes
Hamilton

RESP family plan contribution

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.
8 replies
Sr. Member
User avatar
Dec 18, 2008
943 posts
75 upvotes
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.
Deal Addict
User avatar
Oct 14, 2001
1691 posts
514 upvotes
GMA
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.
Jr. Member
Apr 23, 2011
116 posts
61 upvotes
Toronto
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.
[OP]
Sr. Member
Oct 27, 2009
608 posts
425 upvotes
Hamilton
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?
Member
Dec 26, 2013
469 posts
159 upvotes
Ottawa
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?
Jr. Member
Apr 23, 2011
116 posts
61 upvotes
Toronto
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.
Deal Addict
Feb 21, 2004
1444 posts
205 upvotes
Montreal
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
[OP]
Sr. Member
Oct 27, 2009
608 posts
425 upvotes
Hamilton
Thanks for the replies everybody. I'll just keep trying to get through and do it that way.

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