BMO Investment Centre has a call line set up to set up your RDSP 1-800-665-7700 Extension 4835# Alternative if you are not close to a BMO, call for help and fax everything directly to BMO 1-888-840-2817
BMO was the first bank to come on board with the RDSP program. Check to see if your bank or credit union will host an RDSP plan
- Obtain the beneficiary SIN # - Apply for the SIN # from Service Canada. Do that right away. It may take up to 10 business days to obtain the number.
- Complete RDSP application form
- Complete Grant application form
- Print 2 copies of each
- Visit local branch to set up profile before they can open the RDSP account,
- Have two pieces of government issue ID for the trustee and the Social Insurance number of the beneficiary of the RDSP as well as the completed forms
Remember, you can choose what to invest in. Discuss investment options and objectives or for now, just deposit the funds into interest bearing account until you are sure what you want to invest in.
Don't get pressured into investing in something you don't understand. If you're comfortable with GIC's in a bank or credit union, that's OK! Don't be pushed into investments you aren't comfortable with.
You can put up to $200,000 into an RDSP. That doesn't mean you should do it all at once. But maybe it does. If you need help, contact someone reputable to assist you with a plan. Consider contact Jack Styan at PLAN www.plan.ca for more information.
Read the legislation that explains how the RDSP's work which is all set out below. Yes, it's complex, but it's in English. Read it. Each of the blue arrow leads to a link with information you need to know.