Canadian Money Forum banner

1 - 3 of 3 Posts

·
Registered
Joined
·
4 Posts
Discussion Starter #1
Before reading all the threads on RESP, I was going to open a TD e-funds account as my RESP account.

However, after reading this post I realize that going with TD e-funds would block me from receiving the Quebec Educations Savings Incentive (QESI).

The options therefore seem to be:
based on the list of accounts that support QESI:

1. TD-Waterhouse: but pay 50$ annual fee as long as there are less than 25K in that account (question: do RRSP accounts count in that balance?)

2. TD e-funds but forfeit 250$ up to 3600$ which doesn't make sense even though e-funds MER beats most others

3. One of the other brokers/mutual funds companies

My question on option 3:
Which one of the BMO/Desjardins types is the least worst option?

Or is there another way to still have my lunch and eat it, too?
 

·
Registered
Joined
·
3,423 Posts
This is a tough one. Unfortunately most of the "cheap options" for self-directed RESPs don't offer additional grants, CLB, QESI or ACES grants.

As far as I know, Questrade is the only discount brokerage that offers an RESP account with no annual fees and has all the different RESP grants.

Qtrade offers all the grant types except QESI grants.

If you are going to be maxing out the TD Waterhouse account then the QESI grant will be $250. Even if you pay $50/year, you are still coming out ahead.
 

·
Registered
Joined
·
7,252 Posts
In this case, I'd go with Questrade.
You will get the QESI and it will be a self-directed brokerage account, giving you full control over trading.
You will most likely adopt a passive indexing approach so won't need too much customer service and hand holding.
 
1 - 3 of 3 Posts
Top