The government allows us to request grants in the first five days of each month for the previous month's contributions. We typically receive the funds from the government 3-4 weeks after we request them, and deposit them into your account within 5-7 business days. You will see the transaction in the "Activity" tab of your account.
- You make a deposit on May 6th to your Wealthsimple RESP.
- Wealthsimple sends your deposit information to the government by June 6th.
- Wealthsimple receives the grant from the government by early July.
- Wealthsimple processes the grant information received from the government and deposits the appropriate grant amount into your account within 5-7 business days.
Depending on when you deposit funds into your RESP account, it can take anywhere from 6 to 10 weeks for your contribution to receive a corresponding government grant. This is because we can only request grants once at the beginning of each month for previous month's deposits.