Written back in 2012, when I thought my son was eligible for the CLB. In the end, he was not.
New programs and ideas from the Government often take a while before they start working smoothly. It happens especially if the banks are involved in the process. I learned this hard with the RDSP (Registered Disability Savings Plan) that I set up for my son at TD. The problems were on all sides, but it still frustrates the heck out of me waiting for systems to start working as advertised. I am now running into the same kind of frustration with the Canada Learning Bond (CLB), which I am attempting to set up for my son. Again I am trying to do with TD as part of my son’s RESP, causing me no end of frustration.
In October, I set up a GIC account, a family RESP account. This account will be where the CLB will end up deposited. The TD rep also told me that they would apply for the bond, and it should magically appear, thus the frustration. It is now January, still no sign of the money, even though I have seen CESG money appear in one of my daughter’s RESP account, but no indication in this lonely GIC account. I realize that I must now go back into the TD branch and harass someone to find out what is going on with the grant money.
My guess of possible outcomes are:
- We have been denied the bond due to having too high an income. This is likely but no one has said that to me as of yet.
- The application has disappeared into the system and must be dislodged by someone making a phone call.
- The magic dancing monkeys in the system are still thinking about the application.
More on Canada Learning Bond
- Pro Literacy did a guest post about RESP’s in general and CLB’s in specifc.
- Sometimes Putting Money into an RESP doesn’t make sense, but with the CLB still open an RESP.
- I have written about the Canada Learning Bond before.
- Canada Learning Bond Frustrations really was me being silly enough to believe I made so little that my kids would get the CLB.
- Are RESPs only for Rich Folk ? Banks certainly think that is the case
- RESP: Canada Learning Bond talks about the program as well.
- Plenty of other articles about the world of the Registered Education Savings Plan
It’s not up to TD to determine if you qualify or not. They just make the application to the government.
In terms of timing – TD will send the request at the end of the month that you applied. The gov’t will send back it’s response a month later.
If you set up the account in October, the money should have been paid at the end of November.
I would call the HRSDC and ask – they will have all the info right in front of them and can confirm that you didn’t qualify or the request wasn’t received or whatever.
1 888 276 3624
I’d be surprised if you qualify. Your family net income has to be $41,544 or less.
Thanks Mike, I will look into that one
The way I understand it, you qualify for the bond if you receive the National Child Benefit supplement. That’s the income test part of it; so if you do, then I imagine it’s just a waiting game.