In this article:
Overview
You can transfer an existing RESP into a managed or self-directed Wealthsimple RESP. To ensure the transfer is successful, it's important that the ownership type (single or joint subscriber) on your Wealthsimple account matches the account at your other institution.
- You can transfer any type of RESP into a managed RESP.
- You can only transfer a single or joint-owner family RESP to a self-directed RESP.
It generally takes 4–8 weeks to transfer an RESP. The process is slightly longer for RESPs because we need to work with your current institution to transfer all grants and contributions correctly.
How to transfer an RESP to Wealthsimple
Step 1. Start your transfer and select the ownership type
Before selecting an account, we'll ask you to specify if the RESP you're transferring has a single owner or joint owners (subscribers). This ensures we can match you to the correct receiving account.
- Log in to the Wealthsimple app
- From the Home tab, tap Open or move account
- Choose Transfer an account to Wealthsimple
- Tap Get started
- Follow the prompts, and when asked, select the ownership type of the RESP you are transferring (Single subscriber or Joint subscribers)
- Log in to Wealthsimple on the web
- Select Move from the top menu
- Choose Transfer an account to Wealthsimple
- Select Get started
- Follow the prompts, and when asked, select the ownership type of the RESP you are transferring (Single subscriber or Joint subscribers)
Step 2. Open or select your Wealthsimple RESP
Based on the ownership type you selected, we'll prompt you to either open a new RESP or choose an existing one.
Make sure the owners (subscribers) and beneficiaries of the account at Wealthsimple are identical to those at your other institution. If the details don't match, the transfer will fail.
Step 3. Provide transfer details and upload your statement
Follow the prompts to complete the request.
You have two options for transferring your funds:
- Entire account as is (Recommended): We move your holdings to us as they are. Once the transfer is complete, we'll sell the assets and reinvest them into your chosen portfolio.
- Entire account as cash: Your institution will sell your holdings and move the cash to us. Your institution may charge fees to sell your investments.
Step 4. Get your co-owner's signature (for joint accounts)
If you're transferring a joint RESP, your co-owner must also approve the request before it can be submitted.
- After you submit your part of the request, your co-owner will receive an email with instructions to provide their signature.
- Please ask them to check their main inbox, as well as any spam or junk mail folders, for this email.
Check the status of your transfer
You can check on the status of your transfer from your activity history. From here, you can also view and cancel your pending transfers.
Frequently asked questions
My spouse can't find the email to sign our RESP transfer. What should we do?
If they can't find the email, please ask them to check their spam or junk mail folders. If they still can't locate it, please contact our support team for assistance.
Our RESP transfer failed with the "reinitiate with joint subscriber" message. What does this mean?
This happens when there's a mismatch between the account types. You need to either open a joint RESP account at Wealthsimple or restart the transfer by selecting the joint subscriber option.
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