Registered Education Savings Plan (RESP)
Save towards your kid’s education with tax-advantaged investments and government contributions.
Savings that grow with your child
Get a 20% government match
Add to your RESP annually and the government will too — receive up to $500 per year, and up to $7,200 in total per child.
Access grants and incentives
Get even more government contributions towards their schooling through additional eligible grants.
Grow your investments tax-free
Any earnings on your investments are tax-exempt until the time comes to withdraw funds (then they’ll be taxed at your kid’s tax rate, not yours).
Get to know the RESP
$50,000
The total lifetime contribution limit for an RESP. However, there’s no annual limit, so you can save at your own pace until you hit that max.
20%
The government contribution match you can receive ($500 per year), for a potential grant total of $7,200.
Unlimited
The amount of people who can contribute towards your child’s education. If you have family and friends eager to support them, they can open an RESP in your child’s name too.
36 years
The length of time you can keep an RESP account open for — so if your child has dreams of traveling first, or taking time away from the books, there’s no rush to withdraw the funds.
Ways to invest with an RESP
Have your portfolio tailored to your goals
With managed investing, we do the heavy lifting. Tell us your goals and timeline for your RESP, and we’ll build you a custom portfolio with a wide range of assets across the market.
Coming soon: Independently trade stocks and ETFs
Soon, you can take a self-directed approach to investing in an RESP to have total control over where your money is invested. You’ll be able to buy and sell stocks and ETFs commission-free, automate your investments, and start trading right away with up to $250,000 in instant deposits.
Simplified saving for the future
Start saving in minutes
Open your account without any bank appointments or paperwork. Making your contributions (or withdrawing when the time comes) only takes a few taps.
Get human help
If you’ve got questions, we’ve got answers — our team is on hand to help you out 7 days a week, by phone, chat, or email.
Keep more of your returns
Whether you’re picking your own stocks or letting us manage your investments, you won’t need to worry about high fees eating into your returns.
Move your RESP to us and we'll cover the transfer fees
Your transfer takes just a few steps and must be done on desktop. We'll automatically reimburse the transfer-out fees charged by your brokerage when you move at least $15,000 to us. Conditions apply.
How to transfer your account
1. Open an RESP with us
You’ll need to log into Wealthsimple on desktop and open your new RESP account.
2. Set up a transfer request
Follow the steps to start the transfer and choose either an in-kind transfer (your holdings are moved as they are) or a cash transfer (your holdings are converted to cash).
3. Your funds are moved
We’ll work with your institution to complete the transfer and reimburse your transfer-out fees if you’ve moved over $15K.
Even more ways to grow your wealth
Start their future fund now
Save for your kid’s education in just minutes — no paperwork, no bank appointments.