Which institutions actually let you invest in ETFs online? Which require phone calls for every trade? Which ones staff reps who have never opened an RDSP? A brutally practical comparison for families and caregivers.
This covers the providers families actually end up at — not the theoretical ideal. Ratings are based on documented platform capabilities, community reports, and what the institutions will actually confirm when you call.
| What you need to know | TD Direct Investing | National Bank Direct Brokerage (NBDB) | Bank mutual fund path (TD, RBC, BMO, Scotia — branch-sold) |
Credit union / Desjardins (mutual fund-only typical) |
|---|---|---|---|---|
| Truly self-directed? | Yes Full brokerage — you choose your holdings |
Yes Full brokerage — ETFs, stocks, bonds |
No Advisor-directed; you choose from their fund menu |
No Typically proprietary or Desjardins funds only |
| ETF trading — online? | Yes Full online trading via WebBroker. Commission-free ETFs available. |
Yes Commission-free ETF trading online. Clean interface. |
N/A No ETF access. Proprietary mutual funds only. |
N/A No ETF access in most cases. |
| ETF trading — phone required? | No All trades self-directed online |
No All trades self-directed online |
N/A | N/A |
| Fund MER range | 0.10–0.25% If holding ETFs like XBAL, VGRO, TDB902 |
0.10–0.25% Same ETF access, same fees |
1.5–2.5% Typical series sold through branch advisors |
1.2–2.3% Varies — some offer lower institutional series |
| Contribution / deposit process | Moderate friction Electronic contribution via linked TD chequing or EFT. RDSP contributions can't use TD Easy Web directly — need WebBroker or phone for the contribution entry. |
Low friction EFT contribution from any bank account. Clear RDSP contribution workflow in platform. |
Moderate friction Branch or advisor triggers contribution. Government grant/bond application usually handled by advisor. |
Moderate friction In-branch or phone. Grant application handling varies widely by rep. |
| Transfer IN from another institution | Standard friction T2033 form required. Processing 4–8 weeks typical. TD's RDSP team can assist. |
Good NBDB RDSP team actively assists. Form-based transfer with reasonable timelines. |
High friction Branch staff often unfamiliar with RDSP transfers. Escalation to specialist team frequently needed. |
High friction CU staff knowledge of RDSP transfers is highly variable. Budget extra time. |
| Transfer OUT to another institution | Standard friction Requires initiating from receiving institution. TD processes outbound transfers. RDSP-specific: no penalties if transfer is to another RDSP. Allow 8+ weeks. |
Standard friction Same T2033 process. NBDB will process. CDSG/CDSB repayment rules apply if not transferring to another RDSP — clarify at both ends. |
High friction Advisors may discourage or delay. Some families report needing manager escalation to initiate. |
High friction Some credit unions lack procedures for RDSP-to-RDSP transfers. Expect delays and possible errors. |
| RDSP transfer rules knowledge (rep risk) | Moderate risk General phone reps may not know RDSP rules. Dedicated RDSP team exists — ask for it by name. TD has a specific RDSP helpline. |
Lower risk NBDB has a smaller RDSP book and reps are more familiar. Community reports generally positive. |
High risk Branch advisors routinely give incorrect information about RDSP holdback rules, grant repayment, and transfer eligibility. Get everything in writing. |
High risk Highly variable by branch. Some reps excellent; others have never processed an RDSP. No way to pre-screen. |
| Caregiver / plan holder usability | Workable WebBroker works for a capable caregiver comfortable with brokerage platforms. Authorization for plan holders managing beneficiary accounts requires setup. |
Good Platform is cleaner. Caregiver authorization setup is straightforward. |
Variable Advisor relationship works for families who want hand-holding but creates dependency. |
Variable Some credit unions are excellent for community-based support. Quality varies enormously by branch. |
| CDSG / CDSB grant application handling | Handled automatically TD submits grant/bond applications to Employment and Social Development Canada. No separate action required after contribution. |
Handled automatically Same — NBDB handles grant/bond submission as part of contribution processing. |
Handled automatically Advisor submits on your behalf. Verify annually that grants have been received. |
Usually automatic Verify the first time — some smaller CUs have had administrative delays. |
| RDSP account opening — online? | No Must visit a TD branch to open an RDSP, even for existing WebBroker customers. Frustrating. |
Partial Application starts online; signature/ID verification may require mail or notarized docs depending on province. |
No Branch appointment required. |
No In-branch only at most CUs. |
| Minimum balance / fees | No minimums No RDSP-specific account fee. Commission-free ETF trades. |
No minimums No account fee. Commission-free ETF trades. |
No minimums No explicit minimum, but fund structure means costs are baked into MER. |
No minimums Same. |
NBDB is the least-discussed option and often the best. Commission-free ETF trading, a functional online platform, and an RDSP team that actually knows what they're doing. The account opening isn't fully online, but it's the smoothest of the self-directed options.
The main limitation: NBDB is National Bank's brokerage arm, so you may need to open a National Bank chequing account for easy transfers. That's a minor inconvenience compared to the alternative.
TD Direct Investing (WebBroker) gives you full ETF access and the TD e-Series funds — the cheapest mutual funds in Canada at ~0.33% MER. For families already banking at TD, the convenience is real.
The catches: you must open in-branch (no online), and the general call centre has mixed RDSP knowledge. Always ask specifically for the RDSP specialist team. TD does have one — but you have to know to ask.
Opening an RDSP at RBC, BMO, or Scotia through a branch advisor is easy. The funds you'll end up in are typically Series A mutual funds at 1.8–2.4% MER. On a $100,000 RDSP balance, that's $1,800–$2,400 per year in fees vs. ~$200 for an ETF equivalent.
The other problem: branch advisors give incorrect RDSP information at alarming rates. Common errors include wrong holdback period calculations, wrong grant repayment triggers, and wrong transfer-out rules. This isn't malice — most advisors simply don't process enough RDSPs to be fluent.
Some credit unions have a single knowledgeable RDSP specialist who is fantastic. Others have no one who has processed an RDSP in the past year. There's no way to pre-screen from outside the branch.
Desjardins specifically has an RDSP product (AccèsD), but it's proprietary funds only. Fund costs are lower than the big bank Series A options but still above ETF-level. Useful for Quebec families who want French-language service.
The RDSP has a holdback rule: if the account receives government grants or bonds in a given year, those funds (and earnings on them) must stay in the RDSP for 10 years before you can withdraw without repayment. This is called the Repayment Period or the 10-year holdback.
A rep who calculates the holdback period incorrectly can trigger unexpected grant repayment — potentially thousands of dollars returned to the government on a withdrawal you thought was safe. This happens. It's documented in disability community forums repeatedly.
An RDSP is a long-term account — potentially 40+ years of compounding. The fee difference between a 2.0% MER mutual fund and a 0.20% ETF is 1.8% per year. On $200,000, that's $3,600 per year in fees. Over 20 years with reinvestment, the ETF approach can outperform by well over $100,000 in final balance.
The CDSG matches 100–300% of contributions depending on family income. That government money should be compounding at 0.20%, not 2.0%.
For RDSP-compatible ETF options, the same all-in-one funds used in TFSAs and RRSPs work fine: XBAL, VGRO, XGRO, VCNS depending on the beneficiary's timeline and risk profile.
If you're already at a mutual-fund-only institution and want to move to a self-directed brokerage, the process is an RDSP-to-RDSP transfer using CRA Form T2033. The receiving institution initiates. No grants or bonds are repaid on a qualifying RDSP-to-RDSP transfer — but confirm this applies to your specific account before initiating.
Expect 4–12 weeks depending on how motivated the transferring institution is. Some are slow by design. If the transfer stalls past 60 days, escalate to the institution's ombudsperson and copy the Financial Consumer Agency of Canada (FCAC).
For the mechanics of whether your assets move in-kind or as cash, see the in-kind vs cash transfer checker — RDSP mutual fund transfers almost always liquidate to cash first.