What happens when your son’s DTC from the CRA expires? Plenty, but not much of it useful. I received my son’s Statement of Grant a week ago and got a follow-up call from TD. I hope it was TD, otherwise, my investment accounts are severely compromised.
No matching benefits to RDSP
As you can see below, currently there are no benefits for my son’s RDSP
Not allowed to deposit into RDSP
TD Investment called me to inform me the CRA won’t allow any more deposits. They then informed me that when the DTC is in place, I’ll have to wait for another Grant Entitlement statement and then three months after, I can deposit more money. That sounds like gratuitous slowness, which is almost Federal Government in comparison.
The TD agent who called me to tell me had a lot of fun, too. First, she couldn’t get her phone to work. Next, she then quizzed me to make sure I was who I claimed to be. This sounded correct until she made me answer about five questions about accounts and balances. Half way through I wondered if this was some elaborate Phishing attempt. Given the information I gave the young lady, I think I am screwed it if was Phishing. I should have also asked her questions to ensure it wasn’t spear phishing.
Next time, I will ask the caller for more proof that they are who they claim to be.
For now, my son’s account will sit growing with no deposits. Wonder if I’ll be allowed to rebalance the portfolio? That could be interesting. I have had to cancel my automatic deposit which I had to set up to make easy deposits to the RDSP.
Previous Posts on Grant Entitlements
No DTC and RDSP FAQ
No, it is now frozen until the Disability Tax Credit certificate is put back in place.
If your account is with TD investment, evidently not.
I read your May 28th post on the RDSP Statement and saw that TD locked your son’s RDSP account. Would love to hear an update on how this played out!
TD has overstepped their bounds before with my son’s RDSP account, they claimed we deposited more than was allowed for a given year. However, he had carry-forward room & TD obviously wasn’t aware. We had to file a complaint in order for the contribution block to be removed.
It is now unlocked, but they never told me they had done that. I spoke to the RDSP folks and they said the account shouldn’t have been “locked”, just any deposits would be ineligible for Grants and such. They were confused by TD as well. I got an updated Grant statement, so now am trying to catch up for this year. I have been having health issues, but will attempt to get back to writing some more about this.