In a Family RESP, all beneficiaries must be siblings and related to you. To add a beneficiary to your existing family RESP, follow these steps —
- Click on this link to fill out your beneficiary information.
- Our support team will follow-up within 2-3 business days to confirm that your child has been added to the RESP.
- You will then be required to sign off on a new set of account agreements (including the required grant application forms) directly through your Wealthsimple Invest profile.
Update a beneficiary
If the information entered for your beneficiary is incorrect, or needs to be updated, follow the steps below to change this information:
- Log into my.wealthsimple.com and sign in to your Invest & Save profile
- Scroll down and click into your RESP
- On the right-hand side of your screen, under RESP beneficiaries you will see a list of your existing beneficiaries
- Click Update next to the name of the beneficiary you wish to update
- Update any fields with incorrect information
- Click Save and sign agreements (this button will be greyed out if no changes were made)
- You will be prompted to sign new account agreements with the new beneficiary information
Once these steps are complete, your beneficiary's information will be updated.
Can I add a beneficiary to an Individual RESP?
If you have an Individual RESP, you won't be able to add an additional beneficiary. We recommend opening a new Family RESP with the beneficiary listed on the Individual RESP and then transferring the holdings over to the new account. You can then close your original Individual RESP and make contributions to your new Family RESP moving forward.
Once you've opened a new Family RESP, please contact our support team and we can help you transfer your holdings and close your account.