Transfers

Whether you are dissatisfied with your current RESP provider or your children decide not to attend post-secondary education, you do have options. The various types of RESP transfer options available to you are outlined below.

Provider to Provider

RESPs can be transferred from one institution to another provided the receiving institution can accommodate the individual investments held in the plan. Transfer fees may be applicable.

Beneficiary to Beneficiary

All or part of an RESP can be transferred, without penalty, at any time to another RESP if:

  • There is a common beneficiary under the transferring plan and the plan receiving the transfer;
  • OR
  • A beneficiary under the transferring plan is a sibling of a beneficiary under the receiving plan and the beneficiary under the receiving plan is under 21 years of age.

RESP to RRSP

If the RESP plan beneficiaries decide not to pursue post-secondary education, the accumulated government grants must be repaid. However, the amounts you personally invested (which may be withdrawn at any time without tax consequence*) and up to $50,000 of investment earnings (on the principal and government contributions) can be transferred to a personal or spousal RRSP without tax implications – provided you have the unused contribution room. Transferring the investment earnings to an RRSP is a tax efficient strategy because typically, the withdrawal of this income is subject to taxes and penalties.

* Please note, however, that withdrawals can result in the grant payments being stopped if the child is not enrolled in a post-secondary program yet.

 
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Legal notice

This communication does not constitute an offer or a solicitation of any nature in any jurisdiction in which such an offer or solicitation would not be authorized or to any person to whom it would be illegal to make such an offer or solicitation. The information contained in this Web site does not constitute specific advice of a financial, legal, accounting or fiscal nature concerning investments.

The information contained in this communication is subject to change without notice, and Services d'investissement FÉRIQUE and Gestion FÉRIQUE may not be held liable for any inaccuracy or omission in the information provided. The user expressly acknowledges and accepts that neither Services d'investissement FÉRIQUE, nor Gestion FÉRIQUE nor their employees or agents may be held liable for any damage that may have been caused directly or indirectly by the use of information contained in this site.

Please note: There may be management fees and expenses associated with investment in the Funds. Management expense ratios vary from one year to another. Please read the prospectus before investing. Mutual funds are not guaranteed, their values fluctuate frequently and past performance may not be repeated. FÉRIQUE Funds are distributed by National Bank Securities Inc., as Principal Distributor, and by Services d'investissement FÉRIQUE.

The FÉRIQUE RESP Calculator is licensed by EquiSoft, Inc.

The following sources were used in preparing this website:

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