Episode 18
This week’s episode of Mostly Money, Mostly Canadian is now available on iTunes (You have to click through to “view in iTunes”). You can also just use the embedded player or MP3 download down below to listen to it right away (you must be on this website to see it).
This week:
- Ellen Roseman, a columnist with The Toronto Star, talks about her background, and about her new book, “Fight Back: 81 ways to help you save money and protect yourself from corporate trickery”. We talk about mutual funds, bank fees, telecom roaming fees, and more.
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Interested in being a guest?
If you would like to be a guest on the show, drop me a line at preet@preetbanerjee.com. Investors, advisors, fund managers, bloggers, whomever. Remember, it’s “mostly money” which means sometimes it won’t be about money.
Beware of TD Canada Trust RESP
Unless you want your RESP, and Government Grants to be invested in a Term GIC, beware of TD Canada Trust’s RESP !
If you want your RESP invested in mutual funds, if you want to receive Government Grants that are available (beyond the CESG), and, do not want a RESP account plus a Term GIC account (yes, two accounts!), look at either Royal Bank of Canada, Scotia Bank, CIBC or Bank of Montreal and not TD Canada Trust!
TD Canada Trust’s policy dictates that if you wish to receive Government Grants such as the a-CESG, the Canadian Learning Bond, Quebec Education Savings Incentive, or the Alberta Centennial Education Savings Grant, they will only process the applications if the funds from these Grants are placed into a Term GIC. And, these funds cannot ever be rolled into your mutual fund RESP or transferred.
You have no choice in this !
With TD Canada Trust, if you wish your TD Canada Trust RESP be invested in Mutual Funds, and, you also wish to receive Government Grants beyond the CESG, you must have two RESP accounts (imagine the headaches for you the subscriber, and also the problems when the beneficiary begins his or her post-secondary education) with this. You have no choice with TD Canada Trust.
Royal Bank of Canada, Scotia Bank, CIBC or Bank of Montreal do not have such a restrictive policy.