In this article:
Overview
You can transfer an Individual or Family RESP into a managed investing or Wealthsimple Trade RESP, as long as the receiving account matches the ownership and beneficiary structure of the RESP you're transferring.
RESP transfers generally take 6–8 weeks. They can take longer than other transfers because Wealthsimple and your current institution need to reconcile your contributions and government grants.
We only accept full RESP transfers. We don't support partial transfers.
Check that your RESP account details match
Before you submit your transfer request, your Wealthsimple RESP needs to match the account you're transferring from. If the two accounts don't match, the transfer can fail:
- Same plan type: Family or individual
- Same subscribers (owners): The same people, and the same number of them. The transfer flow asks you to select single or joint ownership, and your selection has to match the account you're transferring from.
- Same beneficiaries: Everyone on your current plan needs to be listed on your Wealthsimple RESP too
- Same personal details: Your legal name, date of birth, and address as your current institution has them on file
We set your plan type, ownership structure, and owners when you open your RESP, and you can't change them later. If any of them don't match your current RESP, you'll need to open a new RESP at Wealthsimple.
If you're not sure whether your transfer would result in a mismatch, please contact us before you initiate your transfer.
You can't add or remove a subscriber or beneficiary, or change the plan type, as part of a transfer.
Before you start
Review the transfer scenario applicable to you in the table below to learn how to get started:
| RESP transfer scenario | What applies |
|---|---|
| You're transferring an Individual RESP | You can initiate Individual RESP transfers for both managed investing and Trade accounts. If the RESP is for someone else's child, the Primary Caregiver's or Legal Guardian's information must be on file for the beneficiary. |
| Your plan is Individual and you want a Family RESP here | An Individual RESP can transfer into a Family RESP if the subscribers and beneficiaries match exactly and your current institution allows it. If they don't match, consolidate the Individual RESP into a Family RESP at your current institution first, then transfer it to Wealthsimple. |
| It's a group or organization-held plan (scholarship or pooled plans) | Contact us before starting a request and we'll help you with next steps. |
| You only want to move part of the plan | We only accept full RESP transfers. We don't support partial transfers. |
Check your beneficiary information
Once your Wealthsimple RESP is open, check your beneficiaries before you request a transfer. Check them again if we reject your transfer.
- Log in to your Wealthsimple profile on a laptop or computer
- Select your RESP account
- On the right side of the screen, find RESP beneficiaries. You'll see each beneficiary on the account.
- Compare each beneficiary's legal name and date of birth with the account statement from your current institution
If something is wrong:
- Next to the beneficiary, select Update
- Correct the information and select Save and sign agreements
- Sign the new agreements. For a joint RESP, both owners must sign.
After you sign the new agreements:
- If you haven't requested the transfer yet, you don't need to do anything else.
- If your transfer was rejected, reply to the rejection email we sent you and tell us you updated the beneficiary. We'll refresh the information on your transfer request.
To add a missing beneficiary to a family RESP, see Add or update a beneficiary in your RESP.
How to transfer your RESP
Step 1. Open a Wealthsimple RESP
You must open an RESP at Wealthsimple before you can begin the account transfer.
Set it up to match your current plan: same plan type, same subscribers, and every beneficiary listed. If they don't match, the transfer will fail. See Open an RESP for the steps.
Step 2. Download a recent statement
Download a recent statement from the RESP you're transferring. You'll upload it with your request. See how to find your account statement if you're not sure where to get it.
Check the details on it against your Wealthsimple profile before you continue. If your current institution 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. In most cases, we'll email you the reason your current institution gave if they reject the transfer.
Step 3. Choose how to transfer the funds
- Entire account as is: Your investments transfer over to us unchanged, and we sell and reinvest them after they arrive. If selling any mutual funds would trigger a fee, we'll email you first.
- Entire account as cash: Your current institution sells everything and transfers the funds to us. They may charge trading fees to sell your investments.
Step 4. Submit the request
Follow the steps below to request a transfer:
- Log in to the Wealthsimple app
- From the Home tab, scroll down and tap Open or move account
- Select Transfer an account to Wealthsimple
- Tap Get started or select Start on a pending transfer
- Follow the prompts to initiate your account transfer
- Log in to your Wealthsimple profile on a laptop or computer
- Select Move from the top menu
- Select Move an account to Wealthsimple
- Open the Account type menu
- Under Savings, select RESP
- Select Next to continue
- Follow the prompts to initiate your account transfer
After you submit your transfer
Review the recommendations and next steps below to understand what to expect:
Pause contributions at your current institution. We recommend pausing contributions there while the transfer is in progress. New deposits made after the transfer is in progress could be left behind or delay completion. You can contribute to your Wealthsimple RESP once it's open.
If your account has a co-owner, they'll need to authorize the transfer. They'll get an email from Docusign after you submit. Ask them to check spam and junk if they can't find it.
Expect the transfer to take 6–8 weeks. Much of that time is your current institution assembling your contribution and grant history, so you may not see progress week to week.
You can check the status of a pending transfer to monitor its progress.
If your transfer doesn't go through
We'll email you if we experience an issue with your transfer. Review the scenarios below for next steps:
| Transfer failure scenario | What to do |
|---|---|
| “Reinitiate with joint subscriber” | The ownership on the two accounts doesn't match. We cancel the original transfer, and you can't add a co-owner to your existing RESP. Open a joint family RESP at Wealthsimple with your co-owner, then request a new transfer to it. |
| Plan type mismatch | Consolidate or convert the plan at your current institution, or open the matching type here, then submit a new request. Note: Transfers from an Individual RESP to a Family RESP is an exception to the plan match requirement. |
| A beneficiary isn't recognized | A beneficiary may be missing from your Wealthsimple RESP, or the name, Social Insurance Number, or date of birth may not match. Check both sides. If your Wealthsimple RESP is out of date, update the beneficiary and sign the new agreements, then reply to the rejection email we sent you. See Check your beneficiary information. |
| Your current institution declined the request | In most cases, we email you the reason your current institution gave. Update whichever side is out of date, sign any new agreements, then reply to that email. |
If you need to request a new transfer, the 6–8 week timeline starts again.
Frequently asked questions
Do my government grants transfer with my RESP?
Yes. Government grants, including CESG, A-CESG, CLB, and QESI, can transfer with your RESP. Your current institution must provide complete information about the grants and contributions in the account. If you receive a grant after the transfer is complete, contact us so we can help route it to your Wealthsimple RESP.
Is there a limit on how much I can contribute?
Yes. There's a $50,000 lifetime contribution limit per beneficiary. This limit applies across all RESPs held for the same beneficiary, including accounts at other institutions.
Can I contribute while the transfer is in progress?
We suggest pausing contributions at your current institution while the transfer is in progress. New deposits made after the transfer is in progress could be left behind or delay completion. You can contribute to your Wealthsimple RESP once it's open.
Can I transfer an RESP that holds QESI?
Yes. If your RESP at another institution includes QESI grants, or contributions that are eligible for QESI, you don't need to wait for the grant to be paid before transferring.
When you transfer a RESP with QESI, both institutions complete a TP-1029.8 form as part of the transfer process. In section 3.2 of this form, your current institution's trustee deems any contributions made in the year of the transfer to have been made at Wealthsimple for QESI purposes. We'll then apply for the QESI on those contributions in the following year's annual filing cycle, with grants typically deposited in May.
The key requirement is that your current institution fully completes the TP-1029.8 form. Without it, we can't apply for the QESI on your behalf for contributions made at another institution in the year of transfer.
My spouse can't find the email to authorize our transfer.
Ask them to check their spam or junk folder. If they still can't find it, contact us and we'll help.
I submitted my transfer and then spotted a mistake. What should I do?
Please contact us to cancel the request. After cancelling the request, you can submit a new transfer request with the correct details.
I updated a beneficiary after my transfer was rejected. What do I do next?
Reply to the rejection email we sent you and tell us you've signed the new agreements. We'll refresh your transfer request with the updated information.
Will I be charged a fee to transfer my RESP?
Wealthsimple doesn't charge a fee to transfer an account in, but your current institution may charge a transfer-out fee, deducted directly from your RESP. Transfers of at least $25,000 may be eligible for reimbursement, conditions apply. For questions about the specific fee your institution charges, contact them directly.
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