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Hi All,

I'm in a similar situation to silence and my first choice of the TD e-series account doesn't qualify for the Quebec RESP grant (QESI). Now, I use RBC as a secondary bank and they do qualify for the QESI so I'm stuck with some questions.

Has anybody had any experience RBC RESPs? What about the various target funds.

And as alternative approach, has anybody split their RESP account across multiple providers?

Thanks
 

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Hi All,

I'm in a similar situation to silence and my first choice of the TD e-series account doesn't qualify for the Quebec RESP grant (QESI). Now, I use RBC as a secondary bank and they do qualify for the QESI so I'm stuck with some questions.

Has anybody had any experience RBC RESPs? What about the various target funds.

And as alternative approach, has anybody split their RESP account across multiple providers?

Thanks
Having two RESP accounts won't work for QESI grants. The QESI grants is 10% of the first $2,500 per year of contribution. $2500 is probably the max you would want to contribute anyway.

My only (not great) solution is to set up a TD GIC RESP - make your contributions there and try to move the money to an e-funds account every couple of years (if that's possible). You'll end up with 2 accounts, but not right away.

Or just do the RBC thing and deal with the higher fees. They have at least one cheap index fund that I'm aware of ( < 1% MER )
 

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Having two RESP accounts won't work for QESI grants. The QESI grants is 10% of the first $2,500 per year of contribution. $2500 is probably the max you would want to contribute anyway.
So if I split it then all of the gov grants will be placed in the RBC account and if I have any spill over that'll go into the TD account. In terms my options it looks like I'm choosing between low mer vs Quebec grant. Is there an easy calculation that would help me decide?

My only (not great) solution is to set up a TD GIC RESP - make your contributions there and try to move the money to an e-funds account every couple of years (if that's possible). You'll end up with 2 accounts, but not right away.
Do you mean TD or TD Waterhouse?
 
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