Overview

You can transfer an existing RESP account into a managed account at Wealthsimple. This is a good choice if you’re looking for an automated, low-fee investing service that manages your investments for you.

It generally takes 4 – 8 weeks to transfer an RESP account into Wealthsimple. The process is slightly longer for RESPs because we need to work with your current bank to understand the grants and contributions made to the account.

How to transfer an RESP to Wealthsimple

Step 1. Open a managed RESP in your Wealthsimple profile

You must open an RESP at Wealthsimple before you can begin the account transfer.

If you have a co-owner, they must sign off on the request after it's submitted. They'll receive an email from our signing partner, Docusign, where they can sign off on the request. 

Make sure to include all the same beneficiaries as the RESP at your current bank. Make sure that the owners of the account at Wealthsimple are identical to the owners at your other bank. If they aren't, the transfer will fail.

Step 2. Download an account statement

Download an account statement from the account you’re transferring to Wealthsimple. We’ll ask you to upload this when you set up a transfer request.

Check that your current information matches the details on your account statement. If your bank has information that's out of date, ask them to update it before requesting the transfer. If the information we have doesn’t match what your bank has, they may reject the transfer request.

Step 3. Choose how to transfer funds

You have two options for transferring funds to your Wealthsimple managed account:

1. Entire account as is (Recommended): We move your holdings to us as they are today. Once your transfer is complete, we’ll sell all the transferred assets and reinvest them. However, if your transfer includes mutual funds that would result in fees upon sale, we’ll email you with further instructions before we sell the assets.
2. Entire account as cash: Your bank will sell your holdings and move the funds to us. Keep in mind your bank may charge trading fees to sell your investments.

Step 4. Request a transfer

You can only request a transfer on the Wealthsimple website.

To request a transfer:

Check the status of your transfer

If you want to check on the status of your transfer, you can view and cancel your pending transfers.