TD Direct Investment Account - For RESP

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Oct 21st, 2019 8:23 pm

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Oct 15th, 2019 11:07 am

membrs [OP]: Member; Jan 22, 2017; 232 posts; 294 upvotes

Oct 15th, 2019 11:07 am

TD Direct Investment Account - For RESP

Hi All,

Need some quick advice on opening a RESP account.
I mostly bank with TD, so thought it was easier to set up funds there. Leaning towards TDDI as it allows me to buy stocks as well.

Is there any cost associated with TDDI, or any potential disadvantages associated with it that I should be aware of?

Thanks for all your help and advice

3 replies

Oct 15th, 2019 11:40 am

sunbat: Member; Feb 9, 2018; 433 posts; 318 upvotes

Oct 15th, 2019 11:40 am

membrs wrote: ↑ Hi All,

Need some quick advice on opening a RESP account.
I mostly bank with TD, so thought it was easier to set up funds there. Leaning towards TDDI as it allows me to buy stocks as well.

Is there any cost associated with TDDI, or any potential disadvantages associated with it that I should be aware of?

Thanks for all your help and advice

TDDI only supports CESG and QESI (Quebec only grant). It doesnt support CLB or some other provincial grants depending on province you live in. This is not a limitation if you dont fall in lower income bracket and are in Ontario. There is a $25 maintenance fee charged quarterly but it can be avoided as long as you have total family assets of more than $15000 with them or atleast 3 commissionable trades in a quarter.

+1

Oct 17th, 2019 12:12 am

costaguana: Jr. Member; Feb 27, 2011; 159 posts; 131 upvotes

Oct 17th, 2019 12:12 am

One of the big advantages to using TD is access to their E-Series Funds, which are well suited to RESP accounts IMO.

I believe TDDI does support some other provincial grant programs (at least, the BC TESG), but your application has to be faxed into TDDI from a TD branch (where there is a 80-90% chance the staff will have no idea what you are talking about).

+1

Oct 21st, 2019 8:23 pm

comp_freak: Deal Addict; Jan 8, 2006; 1504 posts; 695 upvotes

Oct 21st, 2019 8:23 pm

sunbat wrote: ↑ TDDI only supports CESG and QESI (Quebec only grant). It doesnt support CLB or some other provincial grants depending on province you live in. This is not a limitation if you dont fall in lower income bracket and are in Ontario. There is a $25 maintenance fee charged quarterly but it can be avoided as long as you have total family assets of more than $15000 with them or atleast 3 commissionable trades in a quarter.

You can also waive the fee if you set up $100 monthly automatic transfer. Also with SIP and E-series it's almost zero maintenance account. Money got transfer end of month with in 2 weeks you get Gov't grant and it get invested based on SIP. I use both for my RRSP and RESP.

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