# Transferring an RESP to another bank



## yyzvoyageur (Apr 10, 2009)

The RESP for our kids is currently with one of the big five banks. I'd like to move it to another bank. It's a family plan and is currently invested in a mutual fund. I'd like to transfer it to the discount brokerage that I use and invest it in a couple of ETFs. I'm thinking of transferring in-kind and selling the mutual fund once it's been transferred over. Other than the transfer-out fee I'll likely have to pay, is there anything I should be concerned about before effecting such a transfer?

Also, my wife is currently the subscriber, but we'd like to add me as a joint subscriber. Any concerns there?


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## HaroldCrump (Jun 10, 2009)

You should add yourself as joint subscriber.
When I opened our family RESP account, the bank insisted on having joint subscribers.

I would also suggest do an "all in cash" transfer instead of first transfering the mutual fund in kind and then selling it.
I don't know what type of mutual fund it is, so I think it's simpler to just let the current bank sell it off and transfer the cash over.


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## Four Pillars (Apr 5, 2009)

@Harold - Not sure why your bank would insist on joint subscribers - single parents can open family plans too.

@YYZ - I agree with Harold about doing the transfer "in cash" - lose the mutual fund asap. 

You should ask the discount broker if they will cover the transfer fee. Since you already have assets there, you have some leverage.


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## tmb (Aug 7, 2011)

*RESP transfer*

Hi.
If somebody know what happens if I just stop contribute in RESP in a bank and open another RESP in other institution, like insurance company? Is it possible? Should I pay some fee for bank?
Thank you.


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## funinagg (Jun 10, 2010)

I am generally happy with my TD e-series RESP but TD limits the $500 in Alberta grants to GICs thus I have two (sub)accounts to track. I will check if I can move both (consolidating them into one) to TD Waterhouse or to RBC Direct Investing. Any fee from any party would be a no go though. Will let you folks know what I find out.


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## pepperbird (Feb 20, 2012)

Neither TD Waterhouse RESP nor the TD Mutual Funds RESP can accommodate the Alberta grant. RBC Direct Investing is the same.
http://www.hrsdc.gc.ca/eng/learning/education_savings/publicsection/new_promoter_list.shtml

Apparently you can get an RBC mutual fund RESP account that gives you access to RBC mutual funds and GICS that will support the additional grants. I'm told it can be self-directed, but I can't say for sure since I don't have the account yet.

Not sure if this applies to you, but if you have ANY additional grant money from the gov't in your RESP, you CANNOT transfer a penny into an account that does not support that grant without having to repay every cent of grant you got from the gov't (even the basic, which is supported by all accounts). This is the boat I'm in today... apparently we got $100 of extra grant money and now I can't transfer anything from my TD term RESP account into TD mutual fund RESP or TDW RESP. So I'm hoping RBC will be the answer for me.


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## mbmb (Oct 17, 2012)

I have a 2.5 years old. 
RESP with TD Canada trust in: GIC special rate and GIC Utility and Financial Plus are 4000$ +MF $1000
I have requested full transfer to TD Waterhouse self directed RESP discount brokerage account
They said only MF can be transferred, GIC have to stay at Canada Trust. I also stopped all contributions to Canada Trust and started new ones with waterhouse, so I can purchase e-series

Any opinions what to do with the 4000$ in Canada Trust, when reach maturity? Keep them into regular GIC not tied to stock market? 
Should I sell the MF and buy e-series?


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