$50,000: that's the lifetime contribution cap on a Wealthsimple RESP, and the government can add up to $7,200 per child in grants. Opening the account happens online, no appointment needed, but the withdrawal and transfer rules are worth understanding before you contribute.
$500 a year is the maximum grant the government pays out when you contribute to your child's RESP. The math is straightforward: 20% of what you deposit, up to that annual cap. Over the life of the plan, this support can reach $7,200 per child, a total that builds up contribution by contribution rather than arriving all at once.
The account can stay open for 36 years. In practical terms, if your child decides to travel before university or take a break before continuing their studies, there's no rush to withdraw the funds or close the plan.
$50,000 lifetime per child, all in: that's the total contribution limit, regardless of how many years or how often you deposit. This cap doesn't include the government grant, which gets added on top once contributions have been made.
| Item | Value |
|---|---|
| Annual grant | 20% of contributions, up to $500 per year |
| Total lifetime grant | up to $7,200 per child |
| Lifetime contribution cap | $50,000 per child |
| Maximum account lifespan | 36 years |
Recorded from Wealthsimple's RESP page. Thresholds are set by the federal government and can change without notice from the platform.
$25,000 is the threshold above which Wealthsimple automatically reimburses transfer fees charged by your previous brokerage. Below that amount, the exit fees from the other institution remain your responsibility.
The platform coordinates with the originating institution once the request is initiated; the timeline mostly depends on how quickly the other side moves. To compare options before transferring, the full Wealthsimple review breaks down fees and accounts offered, and the comparison with Questrade shows how the two platforms handle RESPs.
1.25% interest on Wealthsimple chequing accounts, with no minimum balance and no monthly account fee. Some parents use it as a buffer before investing in the RESP, or to build up the amounts that will go toward annual contributions.
This account isn't an RESP and doesn't qualify for any government grant; it's only meant to temporarily park money while earning ongoing interest.
The big banks also offer RESPs, often with foreign exchange fees or more complex pricing tiers. The fee breakdown at CIBC shows, for instance, a separate exchange rate applied specifically to RESP accounts, a nuance that doesn't exist the same way at an online brokerage.
The choice mainly comes down to whether you want to manage your own investments or get advice in branch. The comparison with Desjardins and the one with TD detail the fee structure differences for registered accounts, RESPs included.
$35 total in 2026 for a new Wealthsimple account: $25 guaranteed upon opening, plus $10 more once the request form is filled out and an Interac e-Transfer is completed, with code LOIO3A. This offer applies to opening a Wealthsimple account in general — it doesn't depend on the account type chosen, but an RESP counts as an eligible account at sign-up.
The extra $10 is never paid automatically: you have to complete the request form to qualify for it.
Any parent, grandparent, or legal guardian who's a Canadian resident can open an RESP for a child who has a Social Insurance Number. The account is created online, with no branch visit needed.
The 20% grant only applies to contributions actually made during the current year, up to the annual maximum of $500. Some catch-up rules exist for missed years, but they depend on the CRA, not on Wealthsimple.
No, that cap only applies to the contributions you make yourself. The government grant, up to $7,200 lifetime, gets added on top and doesn't count toward this limit.
Wealthsimple automatically reimburses transfer fees charged by the originating institution starting at $25,000 transferred. Below that threshold, exit fees generally remain your responsibility.
The account can stay open for up to 36 years, which leaves plenty of time before you need to decide. The rules around repaying the grant and transfer options to an RRSP vary by situation, so it's worth confirming with Wealthsimple or an advisor when the time comes.