Canadian Capitalist Logo Dark
No Result
View All Result
Sunday, January 29, 2023
  • Login
  • Register
  • Home
  • Economy
  • Investing
  • Markets
  • Real Estate
  • Retirement
  • Tax Savings
  • Trivia
  • Resources
Subscribe
Canadian Capitalist Logo Light
  • Home
  • Economy
  • Investing
  • Markets
  • Real Estate
  • Retirement
  • Tax Savings
  • Trivia
  • Resources
No Result
View All Result
Canadian Capitalist Logo Mobile
No Result
View All Result
Home Tax Savings

Your Turn: Setting up RESPs with Altamira

by Ram Balakrishnan
November 10, 2008
Reading Time: 2 mins read
124 9
0
how are closed end funds taxed
153
SHARES
1.9k
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Despite charging some of lowest fees, the TD e-Series mutual funds may not be suitable for everyone because TD Bank RESP accounts are not set up to receive the enhanced Canada Education Savings Grant available for lower income Canadian families. Reader TS who had RESP accounts at TD sent the following note (slightly edited) about moving the accounts to Altamira (posted with permission).

Update on Oct. 12, 2012: Altamira is now owned by National Bank Financial. The contents of this post remains true of the National Bank RESP account as well.

After some initial confusion, I set up one family RESP account for each of my three children with Altamira and added the other two as beneficiaries. The Altamira rep was very helpful with the paperwork and even caught what looked like a mistake on my part in the transfer from TD (it wasn’t a mistake as I had transferred one kid’s amount to another on purpose to make the amounts deposited in the new accounts more proportional to the kids ages), but I was impressed that she caught it.

So overall I was pleased with Altamira, and very happy my kids will be able to receive the additional grants for which we are eligible. We have other business with Altamira and I have been happy with them because although their index fund MERs are a bit higher than TD (most are 0.5% I think), I find their online system, phone system, and monthly reports much easier to read/use. I don’t know what it is with TD as I find their reports much harder to read and track, and when I make trades within my account, it always seems harder than it should be. I know you’ve had good experience with them, and overall I am still pleased, but I am glad that I only have to call them a couple of times a year.

One more thought: Overall the RESP process just doesn’t seem that easy. My local TD banker told me that many people are missing out on all the free government money (here in Alberta each kid is eligible for $500 for just being born!) because they don’t ever set up an account. I am fairly good with numbers and have a decent investment understanding and I still found it a lot of work and confusing, so I think the government isn’t succeeding in getting the money to families who could really use it in the future. I hate seeing people miss out on good things like this. It would be interesting to know how many people do not get the grants for which they are eligible.

Related posts:

  1. Reader Question on US Dollar Dividends in a RRSP
  2. Ideas for your Tax-Free Savings Account (TFSA)
  3. Seven Reasons why Retroactive TFSA Room isn’t such a Good Idea
  4. Transferring the Family Cottage: Tax Issues
Share61Tweet38Share11

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Previous Post

This and That: Stocks are cheap but could get even cheaper

Next Post

Outlook for Canadian Financial Stocks

Ram Balakrishnan

Ram Balakrishnan

Related Posts

Investing

Questrade vs Wealthsimple 2023 Update: Breaking Down the Differences for Canadian Investor

January 11, 2023
2k
aerial photography of rural
Real Estate

First-Time Homebuyers: Is the First Home Savings Account (FHSA) Right for You?

January 9, 2023
1.9k
Maximizing Your Education Savings: The Advantages and Disadvantages of Group RESP in 2023
Investing

Maximizing Your Education Savings in 2023: The Advantages and Disadvantages of Group RESPs

January 9, 2023
1.9k
Receiving cash gifts from overseas family in Canada.
Tax Savings

Tax Implications of Receiving a Cash Gift in Canada

January 8, 2023
1.9k
Maximizing Your Retirement Finances: Should You Sell Your Home?
Retirement

Is Selling Your Home: A Smart Decision for Retirement?

January 7, 2023
1.9k
Your TFSA investing strategies will need a rethink in 2023.
Tax Savings

Why you should rethink your TFSA investment strategy in the 2023?

January 6, 2023
2k
Next Post
This and That: Blog Edition

Outlook for Canadian Financial Stocks

Please login to join discussion
Canadian Capitalist

© 2022 Canadian Capitalist

Navigate Site

  • Home
  • Disclaimer
  • Privacy Policy
  • Advertisement
  • Contact Us

Follow Us

No Result
View All Result
  • Home
  • Economy
  • Investing
  • Markets
  • Real Estate
  • Retirement
  • Tax Savings
  • Trivia
  • Resources

© 2022 Canadian Capitalist

Welcome Back!

Sign In with Facebook
Sign In with Google
Sign In with Linked In
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Google
Sign Up with Linked In
OR

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
two man and woman standing on doorway
The man who does not read has no advantage over the man who cannot read - Mark Twain