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WealthSimple RESP and Québec education savings incentive (QESI)

  • Last Updated:
  • Aug 14th, 2017 9:20 am
[OP]
Newbie
Aug 11, 2017
35 posts
31 upvotes

WealthSimple RESP and Québec education savings incentive (QESI)

Hello,

I recently opened a RESP for my newborn at WealthSimple, and funded it with an initial 5k.

However I just noticed that WealthSimple does not support QESI (https://help.wealthsimple.com/hc/en-ca/ ... ple-offer-)
How can WealthSimple let people from Quebec open RESP accounts if it does not support all grants available?

If I transfer my RESP account somewhere else, will I get both CESG and QESI on that 5k contribution?

Should I wait for the CESG to be deposited in the RESP account before transfering it? Maybe it would be better to let that amount stay at WealthSimple and create a new RESP account somewhere else for new contributions?

Regards
1 reply
Deal Addict
User avatar
Oct 14, 2001
1733 posts
567 upvotes
GMA
It was your responsibility to check before opening the account. And it's most likely like the QESI is lost for that contribution. I've learned the same thing when I opened at TD eSeries account which I ended transferring to a TD DI account where QESI is supported.

Here's the official list maintained by the Quebec gov of supported FI: List of RESP Providers.

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