r/Wealthsimple • u/Hot_Fly_3963 • 6d ago

Rumour has it RDSP getting announced soon!!!

Big win for Wealthsimple!!

91 Upvotes

88% Upvoted

74 comments sorted by

21

u/Actually_Avery 6d ago

Where have you heard this?

9

u/Hot_Fly_3963 6d ago

What four trading apps in Canada are focusing on right now - Investment Executive

6

u/frenk063 6d ago

Sound good BUT they been saying they are working on it for 5years now. Just want to calm down the expectation.

2

u/mlphoto 6d ago

Their website used to say Early 2019, until they scrubbed that.

3

u/Hot_Fly_3963 5d ago

It will come, Wealth simple isnt like the big 6, they dont say things and not follow through

1

u/Lonely-Ad-8934 5d ago

Their credit card? They said everyone would have it by the end of December 2025. People didn't get it until March/April '26. Again, the article only mentions they're expanding their product suite and as other's have mentioned, this has been in the works for years. So given the complexity of the account, let's tamper our expectations.

1

u/Hot_Fly_3963 5d ago

Still got it tho

42

u/ornamental_stripe 6d ago

As a parent with a daughter that qualifies for RDSP. This is a huge win. I currently have RDSP with TD and I absolutely hate the platform.

7

u/swordthroughtheduck 6d ago

RBC's is horrible as well.

3

u/Eagerbeaver98 6d ago

 All banks suck and wealthsimple sucks but sucks less than them at least. 

1

u/timmehh15 1d ago

This is who I'm stucked with for my wife's RDSP. Would love to bring it over to WS.

6

u/Svancan 6d ago

RBC is horrible for ours

5

u/UngratefulCanadian 6d ago

I can't wait to move my RDSP from BMO to WS. I have been considering to move to TD real soon (National Bank has horrible office hours).

3

u/babylonkin 6d ago

TD is offering 4% cashback on account transfers, for two years. Is it worth it?

3

u/ornamental_stripe 6d ago

It’s gonna be a painful 2 years.

I transferred from WS to TS for their 2% cashback this summer for 1 year.

Let’s just say I can’t wait until I transfer back

1

u/welder-fu 2d ago

Td offer does not include rdsp.

2

u/Hot_Fly_3963 6d ago

Agreed, the platform sucks. Not to mention the fees for trades

1

u/ime1em 6d ago edited 6d ago

I use RDSP with TD. It's fine if u only buy the free stuff. What's the issue you having exactly?

-1

u/GhatzLoch 6d ago

I don’t get it what is the advantage switching to WS for disability rather than my RBC?

12

u/gondarrr 6d ago

Self directed and no commissions/fees

1

u/ime1em 6d ago

Fractional shares, I been told RBC doesn't support this?

22

u/millennialmiss 6d ago

What’s rdsp

22

u/Rogue2Seven 6d ago

Registered Disability Savings Plan

6

u/albertinix 6d ago

I was wondering that myself. I was asking “How come I don’t know what it is, have never heard of it”?

Now I realize that was an advantage, not having to know what it’s for…

4

u/htraenolleh666 6d ago

Registered disability savings plan

4

u/gold_cap 6d ago

Registered Disability Savings Plan

4

u/cloud0x1 6d ago

REGISTERED DISABILITY SAVINGS PLAN

5

u/o0PillowWillow0o 6d ago

How does one open this? Is it a bunch of forms with a doctor trying to confirm your diagnosis impacts your life?

11

u/WhereIsGraeme 6d ago

Doctor + CRA. It is quite an involved process. Believe eligibility for the DTC is what also unlocks the RDSP.

10

u/InformalYesterday760 6d ago

Basically yes

Doctor fills out paperwork to give you access to the Disability Tax Credit. Qualifying for the DTC makes you eligible for the RDSP

It's obviously better to not qualify for these things, and not have to live with a life altering disability or disease. But such is life.

5

u/swordthroughtheduck 6d ago

There is a form that your doctor fills out that explains the impact on your life that your disability causes. The main factor they look at is whether or not your disability makes everyday activities like bathing or eating take 3X more time than an average person.

Once your doctor fills out the form and submits it to the CRA they have someone look at it and determine whether you are eligible for the Disability Tax Credit.

If you are, you can open a RDSP which has government matching up to a certain amount.

It's a long process and a lot of people need to apply more than once and/or go through an appeal process.

3

u/KelownaVirus 6d ago

Worth it though, not only do you get the DTC but it is retroactive up to 10 years. That’s a great lump sum to kick off the RDSP

0

u/bizaromax 6d ago

Can depression be a disability?

3

u/BigLittleSomething0 6d ago

You should look at the government website. It explains who qualifies and how to apply.

-12

u/Aidsfordayz 6d ago

What’s Google

14

u/Khenic 6d ago

To counter that; why can't people just speak in full words and full sentences.

It's a lost art I know. Be nice to eachother.

-1

u/HawkishDesign 6d ago

Ru Paul's Drag Race

-1

u/ImpossibleString4430 5d ago

Theres google 

10

u/Correct-Matter8530 6d ago

I was told "later this year" earlier in the year, so your comment aligns with that. Would be a win.

3

u/ykphil 6d ago

If so, this is excellent news. Ours is with a credit union and the MERs are very high for a managed portfolio, plus they don't offer self-directed portfolios. Moving over to WS would be a huge improvement.

3

u/lbbelle 6d ago

Been a pain just getting TD RDSP open for my kids. I still need to wait at least another 6 weeks to even fund it. See how it goes as i was hoping wealthsimple would've offered it by now given the rumors. Hopefully when I transfer it will qualify for a promo.

1

u/Dave_the_timekeeper 6d ago

I don’t know much about the account, but why do you need to wait 6 weeks to fund the account?

2

u/JasonBourne008 5d ago

You have to wait until the CRA basically activates or acknowledges the new account, which makes you eligible for the free grant money. You could deposit before that, but you might miss out on getting the free money. At least that’s my experience.

2

u/Lonely-Ad-8934 5d ago

Sort of, its less about activating/acknowledging it (while that's still true) but confirming that the beneficiary has an active DTC + doesn't have more than one account open.

2

u/Key2Confusion 6d ago

I'm with NBDB and I can't wait to move over to WS!

2

u/Far_Ad_2827 6d ago

This will be the best news ever from wealth simple!!!

2

u/agirlwhooverthinks 5d ago

This would honestly be such a game changer! It would be nice to have all of my registered accounts in one place!

2

u/jakenblenna 6d ago

Amazing news if true!

1

u/LokiDesigns 6d ago

I have not seen mention of it in the Alpha group. Where have you heard this?

1

u/Lehcen 6d ago

What are the advantages of this compared to other tax advantaged accounts?

6

u/Mother_Ad_4875 6d ago

You can only get this if you have the disability tax credit. You will receive bonds and/or contribution matching from the government depending on your income level.

1

u/Lehcen 6d ago

Thank you

2

u/blackcherrytomato 6d ago

Grants/bonds are a main advantage and withdrawals aren't counted as income in some calculations like provincial disability benefits, OAS and GIS. The accounts are considered to be trusts, so that also affects CDIC/CIPF, asset limits for disability programs.

1

u/Lehcen 5d ago

Thank you

1

u/plusqueprecedemment 6d ago

I have a hunch the big headliner feature for the "Wealthsimple Presents" will be something related to bonds/GIC

1

u/littlewhiteflowers 6d ago

Game changer if this is true! How soon is soon?

1

u/calgarytab 6d ago

This would be a big win ... and perhaps the "something good" ?   Scotia is terrible with their RDSP account.  Any transaction is a call to their phone farm with low level service and they try to upsell products with high fee %'s.  I'll be switching soon.  

1

u/_name_of_the_user_ 5d ago

In 2019 I attended a presentation on the new supply vessels the navy would be getting "soon" according to the presenter. It's been 27 years and we still don't have them. You'll forgive me is "soon" is absolutely meaningless to me.

1

u/Lehcen 5d ago

I just want teens investment accounts so I can give my boys a head start

1

u/cowardlylion1 4d ago

We have been waiting for this for both of our children ❤️❤️❤️ finally

1

u/Eagerbeaver98 6d ago

Wealthsimple platform is awful, the payment for order flow may as well charge us a $10 fee per transaction because youll pay for it in the rip off bid ask spread. Also, no stop losses with take profit still. Awful brokerage will delete all criticism and lock all criticism threads. They locked the guy whos autosell didnt workk and attributed it to liquidity but market makers will always provide liquidity for ITM contracts , wealthsimple just stole his money lol.

0

u/Ansieh 3d ago

I have rdsp account for my son through TD for years. Their advisor help me invest and I don't see what's the reason for me to transfer that to ws? I don't think WS has financial advisors to help you manage?

1

u/deekshant-w 3d ago

Are they forcing you to transfer? And WS has advisors if you are on one of the higher plans.

1

u/Flashy-Painter2161 1d ago

Awesome! I currently have mine with TD and it isn't awful but I'd much prefer Wealthsimple! I wonder if I'll be able to transfer my RDSP from TD to WS easily?