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June 15, 2018

Canadian banking in the 21st century

Canada, as you know, has a very generous tax-deferred investment plan for people with disabilities.  The Registered Disability Savings Plan allows individual contributions and has a system of grants and bonds so that even those with minimal or no income can accumulate considerable assets.

The accounts reside at banks, and the holder directs the investment.  Sounds simple.  Except if you're deaf.  Herewith an email exchange:

Bank:
I just got off the phone with our investment department regarding your question of how to provide instructions to make contributions to your RDSP.

As I explained to you when we met, this cannot be done at the branch, the way to do it is through telephonic instructions, I explained your situation and they said they have done this with other customers using the TTY service.


RDSP Holder:
I do not use a TTY anymore since the iPhones came out. I've heard this before. The same old story.

I will try to call via Video Relay Service next week. What bothers me is that why is this such a hold up as it should be rather easy to deposit the $ into the RDSP account. It's beyond ridiculous to call through the Federal Gov't first and then, an approval to deposit?
I already have an RDSP account and what more does it need to be explained? My point is to make a deposit. Simple as that.

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