Overview

Learn how to add or update a beneficiary in your managed Individual or Family Registered Education Savings Plan (RESP).

Add a beneficiary to a Family RESP

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:

1. Log in to your Wealthsimple profile
2. Select your Family RESP account
3. Scroll down and on the right-hand side of the screen, you'll see RESP Beneficiaries
4. Click Add a beneficiary
5. Enter the required information and click Save and sign agreements
6. You'll be redirected to sign your DocuSign Package (agreements)
7. Once the agreements are signed, you'll be redirected to the Home tab

Add a beneficiary to an Individual RESP

If you have an Individual RESP, you can't 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.

Update a beneficiary in a Family RESP

If the information entered for your beneficiary is incorrect or needs to be updated, follow the steps below to change this information:  

1. Log in to your Wealthsimple profile
2. Select your Family RESP account
3. On the right-hand side of your screen, under RESP beneficiaries, you will see a list of your existing beneficiaries
4. Click Update next to the name of the beneficiary you wish to update
5. Update any fields with incorrect information
6. Click Save and sign agreements (this button will be greyed out if no changes were made).
7. 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.