In 2012 I switched my child’s RDSP from BMO to TD Waterhouse. I was fed up with the limited investment options at BMO and their outrageous pricing.
I decided that my investment choices would follow the recommendations of the Canadian Couch Potato using TD e-Series funds.
How have things worked out so far? Well, I’m pleased to say that the account has done very well with a rate of return for 2014 of 10.34%. I don’t think this will repeated every year, but it’s a very good start.
I love the simplicity of the plan.
- I make a contribution once a year
- The government will advise you by letter of the contribution that will attract the maximum grant and bond.
- Wait for the government to add their contribution.
- Re-balance the account to the original asset allocation.
- That’s it. You are done for the year.
To make the switch refer to my post RDSP – Change of Financial Institution
Disclaimer: I am not affiliated with any financial institution. I believe you should get the best deal possible, but the prime objective should be to open an RDSP and if you are more comfortable at a different bank, then by all means go there.