What is the best RESP provider in Canada?

For self-directed investors, Wealthsimple and Questrade offer low-cost RESP accounts with commission-free ETF investing. For hands-off investors, Wealthsimple Invest and robo-advisors work well. Avoid group/pooled RESPs due to fees and restrictions.

What is the difference between a family RESP and individual RESP?

An individual RESP has one beneficiary. A family RESP can have multiple beneficiaries (siblings) and allows you to transfer funds between them. Family RESPs are more flexible if one child doesn''t pursue post-secondary education.

Should I avoid group RESPs?

Generally yes. Group RESPs (aka pooled or scholarship trusts) have high fees, restrictive rules, and you may lose money if your child doesn''t attend school exactly as planned. Self-directed or individual RESPs offer more flexibility and lower costs.

Best RESP Providers in Canada 2026: Compare Education Savings Accounts

The RESP is one of Canada’s most powerful accounts thanks to the 20% Canada Education Savings Grant (CESG) — contribute $2,500 per year and the government adds $500 for free, up to $7,200 per child. The provider you choose determines your investment options, fees, and flexibility. Self-directed accounts at Wealthsimple or Questrade cost nothing and let you buy low-cost ETFs, while robo-advisors like Questwealth (0.20–0.25% fee) handle everything automatically. The one critical rule: avoid group/pooled RESPs no matter how convincing the sales pitch — their restrictive rules and high fees have cost Canadian families millions.

Before picking a provider, anchor the rules first in the full RESP guide, then compare the managed options through best robo-advisors in Canada, the dedicated Questwealth review, and the RESP-focused Justwealth review. Families planning the endgame should also keep RESP withdrawal strategies in mind now, not just when school starts.

RESP Types Comparison

Type	Beneficiaries	Flexibility	Fees	Recommendation
Individual RESP	One child	High	Low-Medium	Good
Family RESP	Multiple children	Highest	Low-Medium	Best for most
Group/Pooled RESP	Pooled with others	Very low	High	Avoid

Best RESP Providers Overview

Provider	Type	Fees	Investment Options	Best For
Wealthsimple Trade	Self-directed	$0 commissions	Stocks, ETFs	DIY investors
Questrade	Self-directed	Free ETF buys	Stocks, ETFs, options	DIY investors
Wealthsimple Invest	Robo-advisor	0.4-0.5%	Managed portfolios	Hands-off
Questwealth	Robo-advisor	0.20-0.25%	Managed portfolios	Hands-off
TD Direct	Self-directed	$9.99/trade	Full range	TD customers
RBC Direct	Self-directed	$9.99/trade	Full range	RBC customers
Justwealth	Robo-advisor	0.50%	Managed portfolios	Target-date focus

Best for Self-Directed Investors

Wealthsimple Trade RESP

Feature	Details
Account fees	$0
Trading commissions	$0
Investment options	Canadian/US stocks, ETFs
Family RESP	Available
Grant processing	Yes, registers for CESG
Mobile app	Excellent

Best for: Parents comfortable choosing their own ETFs.

Questrade RESP

Feature	Details
Account fees	$0
ETF purchases	Free
Stock trades	$4.95-9.95
Investment options	Stocks, ETFs, bonds, GICs
Family RESP	Available
Grant processing	Yes

Best for: Parents wanting more investment options.

Best for Hands-Off Investors

Wealthsimple Invest RESP

Feature	Details
Management fee	0.40-0.50%
Minimum	$0
Investment approach	Diversified ETF portfolios
Family RESP	Available
Grant processing	Automatic
Glide path	Adjusts as child approaches 18

Best for: Parents who want professional portfolio management.

Questwealth RESP

Feature	Details
Management fee	0.20-0.25%
Minimum	$1,000
Investment approach	Diversified portfolios
Target-date option	Available

Best for: Lowest-cost robo-advisor RESP.

Justwealth RESP

Feature	Details
Management fee	0.50%
Special feature	Education Target Date Portfolios
Glide path	Automatically reduces risk
Minimum	$5,000

Best for: Target-date strategies for education.

Big Bank RESPs

TD Direct Investing RESP

Feature	Details
Account fees	$0 (with conditions)
Trading	$9.99/trade
TD e-Series	Low-cost mutual funds available
Family RESP	Available
Grant processing	Automatic

RBC Direct Investing RESP

Feature	Details
Account fees	$0 (with conditions)
Trading	$9.99/trade
Family RESP	Available
Grant processing	Automatic

Best for: Parents already with TD/RBC who want simple integration.

Avoid: Group/Pooled RESPs

Group RESPs are sold door-to-door and at maternity wards by commission-based salespeople. They lock you into fixed contribution schedules, charge significant enrollment fees, and restrict which schools and programs qualify. If your child doesn’t attend post-secondary exactly as the plan dictates, you can lose years of investment earnings. Provincial securities regulators have repeatedly warned consumers about these products. If you’ve already joined one, you can transfer to a self-directed RESP — though you may face penalties.

Why to Avoid

Problem	Details
High fees	Enrollment fees, sales charges
Restricted use	Specific schools, programs only
Forfeit risk	Miss rules = lose earnings
Less flexible	Fixed contribution schedules
Complexity	Hard to understand contracts

Group RESP Providers (Use Caution)

Provider	Type	Issues
Knowledge First Financial	Group	Restrictive
Heritage Education Funds	Group	Complex rules
CST Savings	Group	Enrollment fees

Recommendation: Open individual or family RESP with a low-cost provider instead.

RESP Contribution and Grant Summary

Factor	Amount
Lifetime contribution limit	$50,000 per beneficiary
Annual CESG grant	20% on first $2,500 = $500
CESG lifetime maximum	$7,200
Canada Learning Bond	$500-2,000 (low-income families)
Additional CESG	Extra 10-20% for lower incomes

Investment Strategy by Child’s Age

Newborn to Age 8

Strategy	Details
Time horizon	10-18 years
Risk tolerance	Higher
Allocation	80-100% equity
Sample ETF	VEQT, XEQT

Ages 9-13

Strategy	Details
Time horizon	5-10 years
Risk tolerance	Moderate
Allocation	60-80% equity
Sample ETF	VGRO, XGRO

Ages 14-17

Strategy	Details
Time horizon	1-5 years
Risk tolerance	Lower
Allocation	40-60% equity
Sample ETF	VBAL, XBAL

Age 17+ (Near Enrollment)

Strategy	Details
Time horizon	0-2 years
Risk tolerance	Very low
Allocation	0-40% equity
Sample	GICs, HISA, VSB

How to Switch RESP Providers

Transfer Process

Step	Action
1	Open RESP at new provider
2	Request transfer (new provider initiates)
3	Complete transfer forms
4	Grants transfer with account
5	Timeline: 2-6 weeks

Transfer Considerations

Factor	Details
Transfer fees	Some providers charge $50-150
New provider rebate	Some cover transfer fees
Grants	Transfer intact
Contribution room	Maintains history
Group RESP transfers	May have penalties

Choosing Your RESP Provider

Decision Matrix

If you want…	Choose
Lowest fees, DIY	Wealthsimple Trade or Questrade
Managed portfolio	Wealthsimple Invest or Questwealth
Target-date approach	Justwealth
Big bank integration	TD or RBC Direct
GIC-focused	Any, or bank RESP

The Bottom Line

Open a family RESP at Wealthsimple Trade or Questrade, contribute $2,500 per year to maximize the CESG grant, and invest in an age-appropriate all-in-one ETF. Shift from equities to bonds as your child approaches enrollment. Avoid group RESPs entirely.