Is Wealthsimple the best place to open your child's RESP? We break down fees, investment options, CESG processing, and who it's best for.
Wealthsimple is Canada's largest online investment platform with over 3 million users. Their RESP offering comes in two flavors: a managed portfolio option (Wealthsimple Invest) where they handle all investment decisions, and a self-directed option (Wealthsimple Trade) where you pick your own ETFs commission-free.
Both options support CESG and CLB grant applications automatically — you contribute and Wealthsimple handles the grant paperwork with the Canada Education Savings Program on your behalf.
| Feature | Details |
|---|---|
| Account types | Managed RESP, Self-directed RESP |
| Management fee (managed) | 0.40% under $100K, 0.25% above |
| ETF MER (managed) | ~0.10–0.20% |
| Total cost (managed) | ~0.50–0.60% |
| Self-directed trading | Free ETF buys/sells |
| Minimum balance | $0 |
| CESG processing | Automatic, ~4–6 weeks |
| CLB support | Yes |
| RESP types | Individual and Family |
The managed RESP is Wealthsimple's flagship option for parents who don't want to think about investing. You answer a few questions about your risk tolerance and timeline, and Wealthsimple builds a diversified portfolio of low-cost ETFs for you. As your child approaches 18, the portfolio automatically becomes more conservative — shifting from equities toward bonds and cash to protect accumulated gains.
For most RESP investors, the Classic Growth portfolio is the right choice. It's globally diversified, low-cost, and automatically rebalanced — you set it up once and check in annually.
Through Wealthsimple Trade, you can open a self-directed RESP and buy/sell ETFs commission-free. This is ideal for investors who want to hold a single all-in-one ETF like XEQT (iShares Core Equity ETF Portfolio, 0.20% MER) and manage the account themselves.
The total annual cost for a self-directed Wealthsimple RESP holding XEQT is just 0.20% — the ETF's own management expense ratio. No account fees, no trading commissions.
| Provider | Managed Fee | DIY Fee (ETF) | Account Fee |
|---|---|---|---|
| Wealthsimple | 0.40–0.50% | Free + ETF MER | $0 |
| Questrade | N/A | Free buy + ETF MER | $0 |
| TD Bank | 1.5–2.5% MER | e-Series ~0.35% | $0–$25/yr |
| RBC InvestEase | 0.50% | $9.95/trade | $0 |
Wealthsimple handles CESG and CLB applications automatically. When you open an RESP and enter your child's SIN and date of birth, Wealthsimple submits the grant application to ESDC on your behalf. Grant money typically appears in your account within 4–6 weeks of a contribution.
For CLB, Wealthsimple will apply on your behalf once you provide the necessary income information during account setup. This makes them one of the most accessible providers for low-income families who may be unfamiliar with the CLB application process.
Who should look elsewhere: If you're already deeply integrated with TD or RBC banking and want everything in one place, your bank's RESP may be more convenient despite slightly higher fees.
KOHO's free savings account helps parents set aside RESP contributions every month. Earn cash back on everyday spending and redirect savings to your child's RESP.
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