Overview
A Registered Education Savings Plan (RESP) is a tax-free account designed to help you save for a child's education.
Available RESP account types
During beta testing, you can open a single-owner family RESP:
- A family RESP can have as many beneficiaries as you need.
- All beneficiaries in a family RESP must be siblings.
- If one of your beneficiaries decides not to attend a post-secondary institution, the money can be used for the other beneficiary's education.
Trading features
You can only buy and sell stocks and ETFs (including fractional shares) in a self-directed RESP. We don't support the following trading features in this account:
- Trading options
- Margin
- Stock lending
Account limitations during beta testing
Please consider the limitations below before opening an account:
Beneficiaries
The beneficiary-related limitations below apply during beta testing:
- You or your spouse must be the primary caregiver and legal guardian of each beneficiary.
- You can't edit or remove beneficiaries after opening the account. If you need to make any changes after opening the account, you must close the account and open a new one.
Grants
| Grant | Available during beta testing | Available at full account release |
|---|---|---|
| Canada Education Savings Grant (CESG) | Yes | Yes |
| Additional Canada Education Savings Grant (CESG) | Yes | Yes |
| B.C. Training and Education Savings Grant (BCTESG) | No | Yes |
| Québec education savings incentive (QESI) | No | No |
Transfers and withdrawals
You can transfer cash to a self-directed RESP from the following account types:
- Individual and joint chequing accounts
- Tax-Free Savings Accounts (TFSAs)
- Managed RESPs (you must contact our support team for assistance)
You can also make the following transfers and withdrawals with the support of our Client Support team:
- Transferring shares in-kind from another Wealthsimple account to or from a self-directed RESP.
- Transferring an external account to a self-directed RESP.
- Withdrawing funds to a linked bank account.
Please contact our support team for assistance with these types of transfers or withdrawals.
How to open a self-directed RESP
Make sure you have the following information before opening an RESP:
- The child's full legal name
- The child's date of birth
- The child's Social Insurance Number (SIN)
Follow these steps to open a self-directed RESP:
- Log in to your Wealthsimple account
- Select + Add an account from the Home page
- Select the Investing tab
- Select RESP
- Choose Self-directed investing
- Follow the prompts to finish setting up your RESP
Frequently asked questions
Can I hold USD in a self-directed RESP?
Yes, if you have an active USD subscription you can hold USD in a self-directed RESP.
Do you offer individual and adult plans for self-directed RESPs?
No, we're working on adding these plans soon.
Can I add a co-owner to my self-directed RESP?
We currently offer single-owner family RESPs. If you'd like a joint family RESP, wait — we're working on it! We won't be able to convert single-owner accounts into joint accounts when they launch.
Why can't I set up an account transfer to my self-directed RESP?
You can contact our support team for help with setting up an account transfer. During beta testing, you can't set up an account transfer through your Wealthsimple profile on your own.
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