Investing

RESP: Wealthsimple Robo Advisor vs Questrade

  • Last Updated:
  • Apr 13th, 2021 12:03 am

Poll: RESP provider

  • Total votes: 11. You have voted on this poll.
Wealthsimple Robo Advisor
 
5
45%
Questrade (VGRO, XGRO etc)
 
5
45%
Other (Please leave a comments)
 
1
9%

Poll ended at Apr 19th, 2021 10:30 pm

[OP]
Jr. Member
Apr 30, 2015
145 posts
39 upvotes

RESP: Wealthsimple Robo Advisor vs Questrade

Hello everyone,

We want to transfer RESP (Mutual Funds) to the different financial Institution. Don’t want to pay high $1.89 MER anymore. Any suggestions WS vs QT ?

Thank you everyone!
Last edited by kleraj on Apr 12th, 2021 11:27 pm, edited 3 times in total.
4 replies
Deal Addict
User avatar
May 11, 2014
4702 posts
5670 upvotes
Iqaluit, NU
Without knowing you specifically, no-one should decide for you which is more appropriate.

For instance what province do you live in? Questrade doesn't support all provincial grants. Wealthsimple would support most.

Wealthsimple buys the ETFs for you which costs money, so Questrade might save you money. But then again, you might not be comfortable doing so, so that cost might be worth it.

See where this get's complicated? You won't get an appropriate answer with this poll. Also $1.89?
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[OP]
Jr. Member
Apr 30, 2015
145 posts
39 upvotes
I am in BC. Thank you for the answer. I am OK to buy ETFs by myself, asking because I’ve heard a lot of positive about Wealthsimple Robo Invest platform. Thank you again!
Deal Addict
User avatar
May 11, 2014
4702 posts
5670 upvotes
Iqaluit, NU
kleraj wrote: I am in BC. Thank you for the answer. I am OK to buy ETFs by myself, asking because I’ve heard a lot of positive about Wealthsimple Robo Invest platform. Thank you again!
Living in BC means if you went with Questrade, you won't be able to claim BCTESG which is $1200.
bctesg-resp-self-directed-investment-accounts-2072699/

Even though Virtual Brokers charges $25 a year for RESPs, the fee savings and eligibility of $1200 can make it worthwhile, while still giving free ETF purchases.

QTrade is technically free for RESPs, but there is a quarterly $25 fee if your total assets are under $25k, so I would only go with them if you can transfer other accounts to make it over $25k, but they are eligible for BCTESG. But keep in mind, your ETF purchase list is limited, and not any ETF you want, however XGRO is available.
https://www.qtrade.ca/en/investor/prici ... -etfs.html
Support your local Credit Union!

Sask Pension Plan Upto $6600/yr in Credit Card spending on RRSP contributions
http://forums.redflagdeals.com/sask-pen ... ns-2167222
[OP]
Jr. Member
Apr 30, 2015
145 posts
39 upvotes
BCTESG is one time 1200 payment and we got it with current RESP provider last year. Thank you for the information! I will read about QTrade and Virtual Brokers.

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