NB: This post was originally published on Nov. 5, 2007. It was extensively edited and updated on Nov. 15, 2012.

I have received a couple of emails that the process of opening a new TD Mutual fund account in order to buy the e-Series index funds described in this post is not very clear. I regret that I did not do a better job of explaining and hope to make the process clearer in this post. As an aside, I would like to point out I have no specific financial interest in writing this post.

Before you begin…

You can open up a Registered Education Savings Plan (RESP) only after you apply for and receive a Social Insurance Number (SIN) card for your child. You can apply for a SIN card at any Service Canada location. Also, you should be aware that a TD Mutual Funds RESP account may not be suitable for everyone because this account is only set up to receive the basic Canada Education Savings Grant (CESG). If your child is eligible for additional CESG, then you may want to explore other options.

Apply for a TD Mutual Funds RESP Account

It is very easy to open a TD e-Series Mutual Fund Account if you are opening a RRSP or Investment account. You simply print out this application form and follow the instructions in the form.

However, opening a TD e-Series RESP account is a slightly more complicated two-step process. First, you have to open a TD Mutual Funds RESP account. You can do so by making an appointment with an advisor at a nearest TD Canada Trust Branch or by mail. You do not have to be a current customer of TD Canada Trust to open a TD Mutual Fund RESP Account. The RESP account will be set up to pull funds from your existing chequing account even if you hold it at a different bank. When you go in to meet a TD Advisor, you’ll need your child’s SIN card and a void cheque for the account from which contributions will be made. If you are making an initial contribution when opening a RESP account for your child, you’ll need to park it in the TD Money Market Fund because e-Series funds are only available online, not through a branch.

Convert RESP account to a TD e-Series Account

After you receive paperwork in the mail that your TD RESP mutual fund account is open, you need to apply to convert it into a TD e-Series Funds account. When the account is successfully converted to an e-Series account, login into EasyWeb with your TD Canada Access card and switch out of the money market fund and invest in a diversified portfolio of e-Series funds according to your asset allocation.

Making future contributions

The next time you want to make a RESP contribution, just click the “Purchase Mutual Funds” link in EasyWeb, select the fund you want to invest in and the amount and click the confirm button. A contribution will be made by pulling it out of the chequing account you provided with your initial application.

CESG Payments

The Canada Education Savings Grant (CESG) will be paid directly into your child’s RESP account. In my experience, the CESG payments appear at the end of the month after which the contribution was made. Example: You made a contribution to your child’s CESG on Jan. 15. The CESG will be paid into the RESP account by the end of February. If you had waited until the end of January, the CESG payments might be delayed until March. If you opted to park your CESG payments in the TD Money Market Fund, do not forget to switch into other funds based on your asset allocation.

Related Resources

How to invest periodically in a TD e-Series Funds RESP Account
A Sample Portfolio Built With TD e-Series Mutual Funds
RESP Primer – Just the Rules You Need to Know

This article has 105 comments

  1. CC, what kind of fees are involved with the TD RESP account?

  2. Canadian Capitalist

    There are no fees other than the low MER for the e-Series funds.

  3. Definitely easier than it sounds to make the conversion to eFunds.

  4. Excellent post – I’m going to plagiarize as much as I can for my resp series. 🙂

  5. Have just been getting into investing, and using TD by default (as that is where I already banked), everything has been very easy and quick by going to see them in person.

    After 2 visits with the same person, I have a bit of a relationship and any questions I have, or changes I need made are done pretty quick.

    It sure beat filling out forms and mailing them – but I live close to a branch which helps.

  6. CC – You might want to mention that a SIN is necessary to set up an resp account.

  7. CC, are the TD e-Series funds only available to TD customers? How are they different from the I series?

    Note: I have a Scotia account and (it looks like) I can only buy the I-series.


  8. Canadian Capitalist

    Ahmed: You can only buy e-Series funds online via the TD Bank website or through TD Waterhouse. It is not available through other discount brokers. If you are not a TD Bank customer, you can still apply for a e-Series funds account. The only catch is you will be issued a TD Bank card for online access. I have all my checking at Royal but still found it worthwhile to open a e-Series account.

  9. Canadian Capitalist

    Mike: I’ll update with a link to an earlier post on getting a SIN card. Thanks for pointing it out.

  10. Ahmed, I’m with CC. My regular bank is with CIBC but I went to TD (in to a branch) to set up a mutual fund account and the pre-authed monthly payment. Make this in to any old fund you want (usually the money market) that doesn’t have early withdraw fees. Then when you get your online access card and web access set up you can log in and move your money at will between the funds over to any of the e-series funds.

  11. Hi,

    For those eligible for the CLB grant suplement (Canada Learning Bond), please run as fast as you can from any TD mutual fund-based account enabled for RESP. I had very bad experiences with them. The only CLB-eligible RESP account they could open for me/wife was a deposit account (something like GIA or a GIC).
    TD mutual fund accounts and TD e-funds accounts that are not elible for RESP! TD was lazy enough to register as “promoter” with HRSDC.

    I had to move the account to Altamira, which was able to “port” RESP to them, including the CLB portion of it. Altamira’s index funds are not bad at all, just a little bit higher MERs (0.5%)

  12. Sorry, I forgot to put a not between “enough to” and “register as promoter with HRSDC”.

  13. Canadian Capitalist

    Stefan: Thanks for the heads up. It really sucks that TD’s RESP doesn’t accept CLB payments. I’m glad that you found an alternative with Altamira.

  14. Keep in mind that the CLB restriction would only be a problem with families who’s total income is below 37K or so. This should not be a concern for families above this level as they would no longer be eligible anyway. I wonder if TD looked at other RESP providers and found that lower income families may not have a high enrollment percentage in to RESPs so it wasn’t worth it for them to set up.

    Anyone know of any stats that show enrollment percent in RESPs by median family income levels? That would be interesting information to see.

  15. Canadian Capitalist

    Tim: We’re not eligible for the CLB payments and we get the CES grants into the TD RESP account just fine. It’s good to know that this is a problem with TD’s RESP.

  16. I believe there is a fee for RESP at TD; $50/year for accounts <$25k.


    If you are at a broker that does not charge a fee, and you have less than 25k, you might be surprised at how much more expensive the $50 fee/e-funds combination is compared to some low MER index funds (<1%) at a broker that does not charge a fee. I was.

  17. Neil F, which brokers have low MER index funds that don’t charge a fee? I’m looking to open an RESP for my newborn.

  18. Canadian Capitalist

    Neil: The RESP account described here is a TD Mutual Funds Account, not a TD Waterhouse account. So, there is no annual RESP administration fee. I personally have this account for our boys and haven’t paid a dime in fees for over 2 years.

    Todd: Unless you qualify for the Canada Learning Bond, which is a problem with TD Mutual Funds RESP account according to Stefan, you would probably be happy with TD e-Series Funds.

  19. Oh, pardon me…and thanks for the clarification. I guess I need to take another look again.

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  21. hi,
    in TD e funds RESP….you not only lose CLB…but also the additional CESG…
    additional CESG is good for families who make upto
    i am not sure why TD mutual funds do not give us 1)additinal CESG & 2) CLB…a pity otherwise MER for TD efunds are a treat….& there are no set up fess…no loads..

    in Altamira..is there are any set up fees or any entry & exit sales load..


  22. hi Stefan,
    thanks for your info…

    is there any entry/exit load on altamira funds…..
    TD e funds do not have antry & exit loads…


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  26. CC,

    I wanted to let you know that I really appreciate your informative posts on what you did for your kids RESP’s. I am going to do the same thing (TD efunds) for my son, who is currently about 3 weeks old.


  27. May I recover the additional CESG (from previous years) that I lost using TD efunds RESP?


  28. Many thanks for the insights on setting up an TD e-series RESP. I just had this done for our son, and it wasn’t too hard to establish if you clearly explain to the bank rep what you want to do (just use the outline described above).

    I was fed up with getting solicited from the trust companies and their vague details (hint: *avoid* the ‘free’ hospital baby photo kiosks, a.k.a. a lead generation tool for trust companies), and I’m happy to now be in control of my family RESP…


  29. Why would you lose your CESG using an efund if it is set up inside a self direct RESP?

  30. Dan, The TD E-Funds account does not support the additional CESG which is either

    1) 20% of the first $500 deposited ($0 – $100 per year) for families with incomes less than 32K or so
    2) 10% of the first $500 deposited ($0 – $50 per year) for families with incomes between 32K and 76K or so

    (I don’t have the exact numbers for incomes)

    Thus, by using TD you are missing out on somewhere between $0 and $100 bucks per year. In my case since I pay more than $500 and my families income would make us eligible for the 10% match I’m missing out on $50 bucks a year of additional CESG. (Not the 20% CESG, just the 50 additional)

    In the grand scheme I find it a small price to pay for the ultra-low MER’s of the E-Fund account with no additional fees. If enough people e-mail them about it I’m sure they would start using it.

  31. HI Good people

    I want to ask about the Royal bank Target eduaction series funds. They have sevral depending on age on the participants (2020, 2025). The MERs are adjustable and they start high (1.9%) as the funds start off by investing in more managed portfolio funds with agressive investments and then slowing go lower (1.8 % or lower) etc because the balance shifts more to bonds and other lower risk investments as the maturity dates. They do the automatic and gradual switching.managment of account to make sure the growth and risks are managed properly according to the maturity date of the fund.

    what’s your take on that.

  32. Hey Waqar, it looks to me like they are a very expensive way to auto-balance your portfolio as you get closer to the ‘big day’ that your kids go off to school.

    You can do the same thing for around 0.5% with TD, just by adjusting to their bond index as you get closer to the big day. Why pay the extra 1.25% for nothing?

  33. I have tried since Dec 2007 to get an RESP efund account thru TD. Finally got one after numerous emails, phone calls, forms etc. Never did get the CESG ($500). Spent what seems like the better part of my life corresponding with TD and the RESP wing of our efficient government. Finally pulled the plug yesterday after receiving yet another letter from TD asking to phone them re missing information. Went thru this same scenario several times before – they suggested phoning a branch of Rev Canada again. I finally wised up and asked them to mail me out a cheque (It’s been over 3 months so I expect and was told there would be no charges/penalties, but I don’t really trust a word they say anymore). This truly was the hardest $500 in my life (CESG amount) that I didn’t earn – and I have worked worked some pretty crappy jobs. Can’t make another 2007 contribution, but am truly relieved to be out from under TD and have my evenings (and days) back (no more emails, phone calls, snail mails, checking account amounts to see if the CESG has finally been deposited, filling out/refilling out RESP forms and account selections, risk analysis, tracking down and pulling forms out of files to phone TD). I would not (try to) buy another RESP thru TD if they were the only bank/financial institution in Canada.
    Glad To Be Free Again…

  34. Pingback: How to Open a TD e-Series (e-Funds) RESP Account | Million Dollar Journey

  35. For those in Alberta, the TD Mutual fund RESP account is not eligible for the AB centennial RESP grants either. The TDCT accounts are, but only allow GICs to be purchased.

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  38. I know people have confirmed that a non-TD account can be linked to TD’s e-series account to make purchases. I want to link more than 1 (ie CIBC and RBC chq accounts) to TD e-series, is it possible?

  39. Having just had a son close to 1.5 months ago, I am buckling down and choosing my RESP provider for the next 20 or so years. My top 2 picks were TD and RBC. Although TD does indeed have lower MER’s with its E-Series funds, upon closer examination, RBC’s index funds for Canadian Equity and Bond have consistently higher returns over YTD, 1 yr, 3 yr, 5 yr, and earlier. This is hard to explain given these funds are all supposed to track the same indexes. Having been a loyal RBC client since birth, in Quebec, I will still with RBC for the RESP’s. As a sidenote, I will offer this information, the Quebec Incentive Education plan which is equal to half of the CESG, meaning 10% of member contributions will apply to both RBC and TD plans when it materializes. RBC gave me the assurance that the provincial grants would be retroactive to Jan 1, 2008 (must confirm) however growth-free. In case anyone wants to verify my info : Bond : TDB909  vs. RBF563
    and Canadian Equity : TDB900 vs. RBF556. Comments…

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  43. I set up a TD RESP online (and by mail) a few years ago, now I cannot find a link to do it, the website says you have to go to the branch. I do not want the big song and dance from some TD rep, has anyone recently set up a a TD RESP online or by mail???

    • Canadian Capitalist

      @Spudman: For all the RESPs I’ve set up, I just visited the local branch and asked them to make the TD Money Market Fund as the default. I don’t think you can do RESP applications online and I am not familiar with mailing in the application.

  44. Thanks CC, with my current TD RESP (opened 2006), I printed off an application from their website, which was lengthy and then printed off the conversion to e-fund form and sent it all in at once. A week later I got a call from TD and all was set up! I guess now they want you to go to the branch to get the up sell. I also do not have a TD bank account, my investment to the RESP comes from my RBC account. I’m sure they do not like that. I will go to the branch tomorrow. Cheers.

  45. I’m still a minor but will be an adult in a year and few so how can i start a savings bond or Stock Mutual Fund.
    So for every place i ask they i say i need an adult to initiate the accounts

  46. TD Money Market Fund = TD Premium Money Market Fund?
    TDB165 at .32% MER (for now)?
    Nothing to indicate other fees would apply.

    Just want to be sure as whenever a company adds Premium to the name, the fees go up!

    • Canadian Capitalist

      @Scott: Premium refers to the fact that the fund requires a minimum investment of $100,000. I believe the MER has always been lower for the fund but for $100,000 minimum investment, it’d better be!

  47. Thanks CC.

    A follow-up. TD has several series for the Canadian Money Market fund. I Series, A Series, F Series, etc.

    Only the I series has no front load / back load fees.

    For example:

    TD Canadian Money Market – I
    Initial Sales Fees – 0%
    Deferred Sales Fees – 0%
    Mgmt. Fee – .75%
    MER – .76%

    TD Canadian Money Market – A
    Initial Sales Fees – 5%
    Deferred Sales Fees – 5%
    Mgmt. Fee – 1%
    MER – .80%

    How can I be sure to get signed up for the I series when (or if) I go to TD? I was hoping to do this by mail, but they now seem quite adamant that you come in to setup an RESP.

    • Canadian Capitalist

      @Scott: I believe TD Mutual Funds sold directly to the public are I-Series funds. I’ve purchased the Money Market Fund in my TD RESP account for many years now. There were no sales commissions involved. Also the money market funds do not have the minimum holding period applicable to other TD funds.


  48. Confirmed from TD:

    Dear Scott,

    Thank you for your email. You will purchase the Investor Series through our retail branches.

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  51. Just about to set up a TD e-Series RESP for my son. I use TD e-Series in my RRSP for US and International. The RESP will probably be more balanced, including Canada and Bonds.

    • Canadian Capitalist

      @Tom: I’ve been investing in TD e-Series RESP for our kids for over 5 years now. TD e-Series Funds are especially suitable for RESP accounts because they tend to be smaller compared to other portfolios and the time horizon is different too. You can simply set it up and apart from occasional rebalancing not worry about it too much.

  52. CC, do you eventually plan to get out of the TD e-Series and into ETFs when they grown large enough? I suppose the annual $2500 is still small to split into 4 purchases/rebalance as per your stated asset allocation for this account.

    I don’t recall if you mention if you will be reducing the equity allocations as the kids get closer to post-secondary, but I suppose if you plan to shift towards cash and bonds, then those could certainly be held as ETFs?

  53. I am considering opening a TD RESP.
    It seems there are 2 choices – GIC RESP, or Mutual Fund RESP.
    Both grandparents and parents will be contributing (grandparents funnelling cash indirectly through parents).
    Grandparents wish low-risk investment philosophy for their portion of the funding (read GIC), and parents are more open to risk.
    Would a Mutual Fund RESP (converted to a e-Series Fund) offer a range of investment choices to suit both palettes?
    In other words, what is the list of investment options for e-Series Fund?

  54. CC, I have had a e-series RESP (easyweb) account for three years. I can no longer select e-series funds when switching from my moneymarket fund (only regular funds show up). I have contacted TD and they say “it should work but have no idea why it is not, they are still working on solving this problem. Are you able to access your e-series account and switch funds to another e-series fund?

    • @Jason: Yes, I’m able to access my e-series account and switch a fund to another e-series fund. I did not actually put an order in, just checked that I’m able to go until the confirm screen. Hope TD can find out why and fix it for you.

  55. What is the difference in cost if I were to open an RESP with TD waterhhouse and buy ETFs instead? I’m already a TD Waterhouse customer and can trade for 9.99. If I only intend to deposit into the RESP once a year could this be more cost effective and the e-series funds?

  56. What is the difference in cost if I were to open an RESP with TD waterhhouse and buy ETFs instead? I’m already a TD Waterhouse customer and can trade for 9.99. If I only intend to deposit into the RESP once a year could this be more cost effective and the e-series funds?

    • @red: I have accounts at TDW and trade for $9.99 as well. Two reasons I don’t use TDW: (1) Annual fee of $50 and (2) A RESP is likely to be a small account and trading commissions will likely wipe out any savings on MER. For instance, if you have $20K in your RESP and you do just 4 stock trades per year, trading costs will add another 0.2% to your ETF MERs.

      Having said that, we are talking about marginal differences in cost here. An extra 0.4% on a $20K portfolio is just $80 per year. Not worth spending too much cycles over IMO.

  57. They still charge an annual fee even if you have other account with TDW? that’s too bad. So in opening an RESP mutual fund account at the branch I should not mention anything about the e-series right? Just fill in the forms after? Also how much do they require you to deposit when opening an RESP? would I just park he funds first in I series money market fund so that there are no buy/sell fees?

  58. Is it true that he grant you receive can’t be used to purchase the e-series funds? If so what can you do with it?

  59. I just opened a TD RESP mutual fund account and during the application process there was an option asking where the CESG should go to when you receive it. Can the grant be used to purchase the e-series funds? I asked them to put it in the money market fund but I do recall reading that the grant can’t be used to purchase e-series funds? If so, where can it be parked? Also how long does it take for the grant to be deposited into the account?

    • @peter: You can invest the grant in anything you want. For my own kids, I’ve set it up so that initial contributions and CESG to go into the TD MMF. Once the money is there, I then invest in the various TD e-Series funds.

      In my experience, the CESG is deposited into your account at the end of the next month. For instance, if I make a RESP contribution today (17th Nov), the CESG will show up at the end of December.

  60. I was wondering if I could buy TD e-series funds if I have a direct brokerage account with some other banks.

  61. Hi All,
    Can anyone offer advice on the easiest way to rebalance the portfolio when the fund values change and skew your percentage distribution between funds? I was thinking of doing an auto purchase every month to get a 40/20/20/20 split between the funds but what’s the best way to rebalance also factoring in the extra cash from the grant? Do you rebalance yearly and buy just to top up or do you transfer from one over valued fund to a lower valued one? Any tips on how to make this as painless and automatic as possible using easyweb would be appreciated. Thanks!

  62. @CanadianCapitalist: ” For my own kids, I’ve set it up so that initial contributions and CESG to go into the TD MMF”. Is this listed in easy web as “TD CDN Money Mkt”? Thanks

  63. What is all this fuss about e-Series Funds? DO they offer better growth potential? TD only has a few of these funds, and my precious Metal and Resource MFs have outperformed almost all e-Series funds. Am I missing something here?

    On a different note, reading comments here, i am tempted to open Questrade(sp) account for my RESP…with all the risk that comes with it. Is it easy to get he CESG through the brokerage accounts?

  64. @ TX – index funds aren’t about hitting homeruns, they’re about hitting singles with low costs making them into more like doubles. Index funds do typically beat actively managed funds, but obviously some actively managed funds beat the index too, like your precious metals fund did.

  65. Warning: TD Mutual funds including E-series do not apply for the additional Canada Education Savings Grant., so loose 10% to 20% on investment depending on your net income. These funds as OK if you are a high income earner who is not entitled for the additional grants.

  66. I have a number of funds with an MER around 3%, I am going to switch to the TD’s fund, I will save at least 1% in MER. Thanks to the various commenters.

  67. I had a TD & they took out 200 dollars a year for inactive fees 25 dollars a quarter from the Canadian side & 25 dollars a year from the United States side. Had about 500 dollars they stoll in fees & now my statement says I owe them money from inactive fees. I dont care what it does to my credit rating there not getting any more more money from me Was going to closeout account a few years back but there was a closing account fee. So I thought I would leave it open till I was ready to invest & never paid attention to the statements. Iam thiinking of taking them to small claims court.

    • @darren: Were the inactivity fees for a TD Mutual Fund account? Or was it for a TD Waterhouse non-registered account? I’m suspecting it’s the latter. You could have avoided these fees entirely even if you only had a small balance. This post is about RESPs and TD Mutual Fund Accounts. AFAIK, these accounts do not have an inactivity fee but as always it’s best to check with TD.

  68. Thanks CC for the post.

    I put $500 in GIC and $2,000 in mutual fund back in Dec. Just converted to e-series and waiting the the CESG (Basic and Additional)

    Does anyone know if I can transfer the RESP GIC (TD Canada Trust) with the Basic and Additional CESG to the RESP Mutual Fund account (TD Investment) when it expires? Would there be fees or tax consequences?

  69. Jay: Read some of the comments from June 2010, validated since by my own experience.

    TD Canada Trust can hold GICs, but not mutual funds.
    TD Investment RESP can hold mutual funds, but not GICs.
    TD Waterhouse can hold both mutual funds and GICs, but there is a $50 annual fee and trading fees of minimum $9.95 per trade.

  70. I was wondering about the low MER fees.
    How low is low and how exactly does an MER fee work?

    • @Cindy: A mutual fund incurs costs such as operating expenses, manager fees, compensation for the advisor who sold you the fund etc. These costs are passed on to the investor indirectly by charging the mutual fund directly. These costs expressed as an annualized percentage is called MER.

      The typical mutual fund in Canada will charge you a MER of 2.5%. i.e. if you invest $10,000 in a fund and it stays flat throughout the year, you’ll be indirectly charged $250. The MER on TD e-Series funds is between 0.30% to 0.50%, so they are extremely cheap compared to alternatives.

  71. I applied for a T-D Eseries account. Mailed all the paperwork and then got my package in the mail saying i had to go open a reg account at a branch and then convert it. I cant just mail my paperwork and have a E-Series account opened?

  72. i have an resp for my son with TD that i contribute to each month.

    1. Currently the government lumpsum amount of $500 they gave us on opening an RESP is in a TERM RESP – can I remove it from this term RESP and put it in the e-series.

    2. Within the e-series – all government money that matches my contribution goes into a money market account – can i take this money and invest it funds within the e-series or is it suppose to just stay in the money market portion of the e-series account?

    Thank you.

    • @Pat:

      1. I don’t know what a term RESP is. Your best bet would be to call TD and ask them.
      2. Yes. You can switch out of the money market fund at any time and invest in other e-series funds. In fact, that’s exactly what I do.

  73. Looking at what is a good fund allocation for the eseries account, i’ve seen many allocating different percentages to each can/us/and even to the global equities however they don’t look so good at this time. would you recommend investing there still if its long term.

  74. I just called TD regarding my RESP account (posted above Jan 20, 2012)

    In order for me to received the additional CESG, I put $500 in a term GIC RESP back in Dec (And I did get the additional CESG). However, now I was told that I cannot move my contribution with CESGs to the Mutual Fund RESP once the term expires…which means I have to stick with GIC for life if I want to keep my CESGs.

    Any truth in that?
    I always thought you can move money from one RESP account to another with the CESG.

    • @Jay: You may want to double check with TD because I’m not familiar with GIC RESPs. I can’t imagine why you can’t move your account into a mutual fund RESP. What reason did TD Bank give you?

  75. The rep from the telephone banking was telling me that the CESG has to stay with the same account.
    It doesn’t make much sense too me…unless there is a differential treatment for the additional CESG I got.

    Guess I may have to visit the branch to make sure.

    Thanks CC.

  76. @Jay
    I work for TD and sell MFs and GICs in the branch. TD cannot accept any other grants into an MF RESP except for the regular CESG.

    If any other types of grants (additional CESG, CLB, AB grants) have been received in a RESP account this account cannot be converted into a TD mutual fund account. This applies to TD GIC RESP accounts as well as all other RESP accounts from other institutions that do all these other grants.

    I recently had a customer try to transfer her MF RESP account from RBC but it could not be done because she was receiving the CLB. There was no way to move this money to TD.

    My recommendation for opening e-series fund accounts to is call the branch and tell them right away that you wish to open an account and convert it to e-series. Not all MF reps will be familiar with how to do the conversion so ask for someone who is more experienced with mutual funds because it will be a more complicated process. You can also buy investor series (i-series) funds in the e-series account.

    The process is not very clear from TD because the reps in the branch will get no credit for the e-series account. This is why the knowledge in the branch is sometimes limited and it will never be suggested by a mf rep. Branch staff do not work on commission but they still have goals they need to meet each quarter. Meeting goals will increase bonuses but staff can be dismissed if goals are missed consistently. It can be a difficult balance sometimes.

  77. Thanks Renee, that’s very informative.
    Guess I have lots to think about. Don’t want to lose the additional CESG every year, but doesn’t make sense to keep investing in GIC either.

  78. I just opened TD Mutual Funds RESP account (to be converted to e-series) and ended up with one plan number and two account numbers (one for each child). This is a family plan RESP.
    Is it normal to have two accounts in this scenario?
    I thought it would be one account with two beneficiaries.
    Do I have to use both accounts (i.e. transfer money and buy funds in both accounts)?

  79. The additional CESG grant that you can’t get with a TD account is not important if you go on contributing to the RESP until you have used up all the CESG (I think the total you can get is $7200 per child whether you are getting it faster or slower). The greater amount you will have contributed yourself at that point will make it a bigger RESP for the child to use.

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  81. Hi, great blog!
    Ive opened a TD mutual fund at my branch, purchesed the money market fund at the branch, however when I attempted to convert to the eSeries account at the branch I was told Id need to get a Waterhouse account to access eseries and have to pay the 50$ annual fee, Is the rep mistaken or what?

  82. Hi Chris,

    Just let the money sit in the money market for now. You can transfer your funds to e-series once the setup is completed.

    You cannot open a e-series at the branch, I remember I mailed it in.
    I think the e-series is managed by TDIS not TD waterhouse, and there are no fees.

    Hope these links help:

  83. What is a good allocation of the funds, I’ve been lazy and haven’t purchased them in certain percentages. What do people usually do rebalance quarterly or annually

  84. Chris, unless their policies changed since I had mine, then yes the rep is mistaken.

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  86. Hello Canadian Capitalist,

    I see this post was edited right around the time I’m interested in, but nothing important is mentioned…

    I got an Family RESP for my first child in 2009. In September 2012 I got a document from them, something about changes in terms and conditions. 4 pages of really fine print and hard to understand phrases. It felt important and I just had my 2-nd baby, so I put it aside until I find the time to read it and meanwhile stopped any contributions to that account just in case there was something in that document I won’t agree with. Now I can’t find it. Hopefully you or someone else with this account can recall if there were any big changes that would make one to rethink contributing into that plan? As much as I remember it wasn’t personalized, so everybody must have gotten the same…?

    • Sorry, I forgot to mention: it’s a Family beneficiary plan converted to e-Series.

      • Ram Balakrishnan

        @Ira: Not really sure what you are referring to. We still have TD e-Series RESPs for our kids and the terms and conditions are substantially the same.

  87. earlier i was told that if i move my e-series account to TD waterhouse then i would lose that $500 Alberta grant. and today i was told that is not the case.
    any experience on moving e-series to TD waterhouse? do I lose this $500 grant? do I lose the 20% match?
    if i do not lose anything than i would move it to TD waterhouse as balance is now over $25,000 needed to avoid the TD waterhouse fee. thanks.

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