I started an RDSP at TD. I made a contribution over three weeks ago and still haven’t received any grant or bond for multiple years that I was catching up. Is it typical for it to take this long or should I start shaking trees to see what happened?
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I have an RDSP with TD too.
I’ll check how long mine took BUT Service Canada is really slow due to covid19 and TD is really slow due to covid19 and a lot of people are investigating early retirement and it is RRSP time.
That said, it might take longer than mine did but I doubt it’ll be faster.
I’ll check this aft how long mine took.
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It takes a long time.
47 days was the shortest a while ago.
51 days was the longest.
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Good to know thanks.
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I opened an RDSP in Dec. 2019 but for some reason Service Canada never got the paperwork or it sat on someone’s desk when everything was shut down due to the pandemic. So my bank re-sent me the paperwork to sign in February 2020. I finally received my grants and bonds at the end of July 2020.
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Please tell me your bank wasn’t TD. They have been a disaster. 
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Really? I’m with Scotiabank but I was thinking of switching to TD because they offer more investment options. Why is TD a disaster?
I had a 60 day contribution deadline due to age, made me come in in person to set up the account during which I vulnerable person picked up a respiratory illness (fortunately non-COVID), three weeks later I inquired why the cheque hadn’t been cashed yet, shortly after got an email asking me to call them about the cheque, I woke up and read the email, drank my coffee and called them less than two hours later only to be informed that I was too late, they hadn’t been sure if I meant to contribute the amount on the cheque because not all of it qualified for a match, they were not allowed to hold cheques overnight (despite already having held it for three weeks), the cheque had already been returned and that couldn’t be reversed. Figured out an alternative way to get the funds into the account by depositing a new cheque into the TD chequing I set up at the same time as the RDSP and transferring it over to the RDSP from there, the first government match showed up quickly on setting up the account when it didn’t have my contribution then, and nothing more since my contribution finally showed up in the account over a month ago. And on Friday, ten weeks after I gave them the first cheque and seven weeks after they told me that they had irreversibly returned it THEY CASHED IT triggering bank fees on my low account balance and now I have about three days for them to reverse it before my credit card, mortgage and property tax payments will bounce. And despite the support person escalating it and marking it urgent first thing in the morning I have yet to hear back from them
And only a very small government grant/bond has shown up in the account, about 10% of what I was expecting, so I am afraid they screwed that up too. And my deadline for contributions has now permanently passed so I can’t fix their mistakes for them. But I need to get my money back first before I blow my previously perfect credit rating.
Wow, what an ordeal. It seems common for people to have problems opening RDSPs because information on it can be confusing and not all bank employees know how it works. When I went to open my RDSP at my Scotiabank branch, they had no clue what I was talking about. The bank manager had to do a search online before she gave me the phone number to their investment division. Since then I’ve been educating myself on RDSPs by going on Reddit and typing in “RDSP” and reading all the posts, which have been very informative. I took an RDSP webinar last week with the Plan Institute which has been helpful as well.
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Ironically, they had no problem opening the account and getting the initial government contribution just for the account being opened but unfunded in a timely manner. What they couldn’t do was CASH A CHEQUE.
I am shouting because it’s so ludicrous.
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My RDSP grants (with TD Direct) have always came month end the following month from the initial deposit. If you deposit in December you will get your matching grant on Jan. 31st. Any deposit this month will be paid Feb 28th. I imagine it is some sort or reconciliation thing between the government and bank that occurs at month end.
I am not sure about the Canada Savings Bond though as I am not eligible.
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A month after you contribute they will give you the x3 of whatever you put in up to a max, always the following month. In terms of previous years that you applied for late, they can take many months on revenue Canada’s end to figure out what they owe you for the RDSP.
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That’s exactly why I chose TD.
I haven’t had any problems with my branch but they seem slow.
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