RDSPs are a complicated and less common account type in the industry. As of the date this was written, ModernAdvisor is the only online investment provider who can support RDSPs and we do so at the same pricing level as other account types. The RDSP set-up process is different from our typical onboarding process and requires several additional forms that must be completed offline and signed by the client with ink, or e-signature is now acceptable.
Given the points noted above, we require strong partnership from advisors to complete and coordinate these forms for the client and set up the RDSP account. Our eventual goal is to help prefill these forms using the system interface in the same way that we currently do for RRSPs, TFSAs, RESPs, etc.
Until then, here’s the process:
ONLINE PROCESS - Same as opening any other account type at ModernAdvisor.
The account holder completes the online application process via ModernAdvisor to set-up a RDSP account. This triggers the necessary forms required for the New Account Application Form (NAAF) which is sent to the account holder for signature via Adobe Sign.
OFFLINE PROCESS - Separate and manual forms to be completed. At the moment these are not automatically sent to client upon onboarding and the advisor is asked to coordinate with their client.
CPM_RDSP_Application. Credential RDSP Application.
We ask that the advisor complete this form and have the client sign.
This form is in addition to the New Account Application Form (NAAF) that was signed via AdobeSign and sent to the client automatically.
A digital signature (DocuSign or Adobe Sign) is acceptable.
ESDC-EMP5608 . Apply for the RDSP Grant and Bonds.
We ask the advisor to complete this form and coordinate signature with the client.
Please ensure you are using the 2022 version which is mandatory starting July 14th, 2023 (shown in bottom left hand corner of form).
Digital signature is acceptable and can be uploaded to the system via the client Documents feature or emailed to support@modernadvisor.ca
ESDC-EMP5611 and ESDC-EMP5612. Existing RDSP to be Transferred In.
Please complete both forms including Section 4 and the Cash or In-kind selection of Section 7 on 5611. Only the 5612 form requires signature.
Please ensure you are using the 2022 version which is mandatory starting July 14th, 2023 (shown in bottom left hand corner of form).
Digital signature is acceptable and can be uploaded to the system via the client Documents feature or emailed to support@modernadvisor.ca
ESDC-EMP5609. Joint Accounts. ESDC-EMP5610 Beneficiary is a Minor. These may be required, as necessary, and we ask the advisor to complete these forms and coordinate signature with the client.
Please ensure you are using the 2022 version which is mandatory starting July 14th, 2023 (shown in bottom left hand corner of form).
Digital signature is acceptable and can be uploaded to the system via the client Documents feature or emailed to support@modernadvisor.ca
Info Required for Joint Individual - For the joint person we would need the following additional information to add them to the application and system.
Valid Photo ID
Email Address
Citizenship
Residency:
Tax resident of any countries besides Canada
Third Party Contributions require additional forms and information.
Beneficiaries contributing to their own RDSP is most common and is considered a third party contribution. In this case, two forms need to be filled out, the Holder Consent and the EFT Form. We also need a Void Cheque.
Other Third Party contributions require more AML and compliance information. Please reach out to support@modernadvisor.ca to ask for more information.