Transferring RESP from TD to Wealthsimple.

[Islander]

Hello,

Does anyone have any experience transferring a RESP account from one instiution to another, in particular from TD to wealthsimple? The reason I would like to do this is because at TD I feel like I am unable to invest my funds in the stock market. The financial advisor there will only sell me there products andapparently if I transfer my funds to the Eseries I will lose some of the grant or funds from the learning bonds. They have made it very difficult and also I am unable to view my account history and transactions. I have no access, when I mentioned this they act surprised and said it should be possible but no one actually resolves it.

Anyway, please share with me if this is a good decision and if there is anything I should be aware of and if anyone has some experience. Thanks so much!

[Mighty Eyebrows]

You do not have to "de-register" the funds in the RESP, but the transfer process must be handled carefully.

It sounds like your advisor is not being forthcoming with you. Whatever funds you are invested in may need to be converted to cash before a change, but you do not need to withdraw that cash from the RESP and lose the grants.

Talk to either Wealthsimple (or go to Questrade for less fees) directly and ask for advice. A transfer is usually initiated from the target institution.

...and don't just believe strangers on the internet (like me) before doing something like this.