RESP Transfer Checklist Before Switching Providers

Your Pre-Transfer Checklist

Work through these seven questions before you make any calls:

• Transfer-out fees — Ask your current bank if there is a fee to move the RESP to a different provider.
• Grant and bond support — Confirm the new provider supports all grants and bonds currently in your plan: CESG, Additional CESG, CLB, and any provincial incentives.
• Full or partial transfer — Decide whether you want to transfer the full plan or only part of it, and confirm with both providers if partial transfers are allowed.
• Paperwork and signatures — Find out what forms are required and who needs to sign. As the subscriber, you will authorize the transfer.
• Pending grants or transactions — Check whether any grant requests, contributions, or account activity are in progress before you start.
• Transfer timeline — Ask both providers how long the process typically takes. Timing depends on forms, investments, pending items, and each provider’s process.
• Post-transfer review — Plan to check your new account after the transfer to confirm contributions, grants, earnings, and beneficiary details were all moved correctly.

Can You Transfer an RESP from a Bank to a Digital Provider?

Yes, in many cases. An RESP can be moved from one provider to another, including from a bank to a digital RESP provider, like Embark. To accept your plan, the new provider must be a registered RESP promoter — a financial institution approved by the Government of Canada to offer RESPs.

RESP-to-RESP transfers for the same beneficiary generally do not create tax consequences. That said, transfer fees and plan restrictions may apply. Guidelines on Canada.ca recommend asking your promoter for details before starting.

At Embark, we simplify the transfer process and even offer a welcome bonus on the funds that you transfer. All you have to do to start an RESP transfer to Embark is fill out a simple form online. We take it from there and keep you updated every step of the way, including when you receive your transfer-in bonus.

Embark RESPs are designed to maximize growth potential in the early years and reduce risk as school approaches – so you can plan for their future with confidence.

As an example, take a family with three kids — ages 4, 9, and 14 — each with their own RESP at the bank. When they transfer all three plans to Embark, our platform automatically places each child’s funds into the target date fund matched to their age. The 14-year-old’s portion shifts toward more conservative investments as their glide path nears withdrawal, while the 4-year-old’s stays weighted toward growth. The family doesn’t pick funds or rebalance manually as each child gets older — the transfer itself triggers the right allocation, automatically, for every kid.

Bank vs. Digital RESP Provider: What’s the Difference?

Both banks and digital providers can hold an RESP, but the day-to-day experience can feel quite different. Neither is automatically better — the right fit depends on what your family needs from an RESP.

	Bank	Digital RESP Provider
Account access	Branch or online banking	Online or app-based
RESP specialization	General financial products	RESP-focused tools and guidance
Grant tracking	Varies by institution	Often clearer dashboards
Contribution tools	Standard banking options	Automated and flexible contributions
RESP support	General customer service	Education savings specialists
Transfer-out fees	Often charged — confirm amount	Ask before starting

Questions to Ask Your Current Bank Before Transferring

Before starting the process, ask your bank these questions, and keep a record of the answers:

• Will you charge a transfer-out fee? If so, how much?
• Are there plan restrictions, such as maturity rules or early exit fees on certain investments (sometimes called deferred sales charges)?
• Are there any pending grant requests or contributions being processed right now?
• Can I transfer the full plan, or only part of it?
• What information will you send to the new provider?
• How long does your side of the transfer usually take?
• Will I receive a final statement showing contributions, grants, earnings, and fees?

Questions to Ask the New Digital Provider Before Transferring

Ask the new provider these questions before you commit to anything:

• Are you a registered RESP promoter?
• Which grants and bonds do you support? (CESG, Additional CESG, CLB, and applicable provincial incentives such as BCTESG)
• Will you help coordinate the transfer forms with my current bank?
• What documents do I need to provide to start the transfer?
• How will I track contributions, grants, and earnings after the transfer?
• What support is available if my current bank delays the process?
• Do you offer any reimbursement for transfer-out fees charged by my current provider, or a bonus on funds transferred?

What Paperwork Is Usually Needed?

You (the subscriber) kick things off by completing a request with the new provider. From there, both providers exchange information and complete the required federal transfer forms. You, your current provider, and the new provider all play a role in getting the plan moved correctly.

Gather these documents before you start:

• Current provider name and your RESP account number
• Your full name and contact information as the subscriber
• Your child’s name, date of birth, and Social Insurance Number (SIN)
• Your own SIN
• A recent statement showing contributions, grants, earnings, and current balance
• Your plan type (individual or family RESP)
• A breakdown of grants and bonds currently held in the plan

What Happens to CESG, CLB, and Other Grants During a Transfer?

This is one of the most important things to get right. Government grants — including the Canada Education Savings Grant (CESG), Additional CESG, and Canada Learning Bond (CLB) — are held in your RESP as separate recorded amounts. During a transfer, these must be moved and tracked accurately by the receiving provider.

Not all providers support every grant or bond. Before transferring, confirm the new provider can administer the same incentives currently in your plan. You can check the Government of Canada’s list of RESP promoters and the grants each supports.

How Much Does It Cost to Transfer an RESP?

Transfer fees vary by provider. The Canadian government notes that there may be fees to transfer an RESP to another promoter and recommends asking your current promoter directly.

Some banks publish their fees. As one example, RBC currently lists a $150 fee to transfer RESP property to a company that is not an RBC subsidiary — though this is subject to change, so always confirm the current amount directly with your provider.

Ask your current bank whether a fee applies, how much it is, and when it is charged. Then ask the new provider whether they offer any reimbursement. Policies differ.

How Long Does an RESP Transfer Take?

There is no single timeline that applies to every transfer. Timing depends on several factors:

• How quickly the required forms are completed and returned
• Whether account details and beneficiary information match exactly between providers
• Whether investments need to be sold first, or can be moved as-is to the new account
• Whether any grants are pending or recent contributions are being processed
• Each provider’s internal processing timelines
• Whether any corrections or follow-up are needed during the process

Ask both providers what to expect before you start and follow up if the transfer takes longer than discussed.

What to Check After the Transfer Is Complete

Once the transfer is done, review your new account carefully. Use this checklist:

• Subscriber and beneficiary names and details are correct
• Total contribution history was transferred accurately
• CESG balance appears correctly — see our guide on CESG contributions and how to catch up
• CLB balance appears correctly (if applicable)
• Provincial incentives appear correctly (if applicable)
• Earnings and market value are recorded correctly
• Any transfer fee charged matches what you were told upfront
• Future contributions or pre-authorized deposits are set up correctly
• Old account is closed — or still open as intended if you did a partial transfer

If anything looks off, contact the receiving provider right away. It is also worth reviewing your contribution room and limits and how to check your RESP contribution room to make sure nothing was missed.

Common Mistakes to Avoid Before Switching

• Starting the transfer without first asking about transfer-out fees
• Assuming the new provider automatically supports every grant or bond in your current plan
• Not checking whether any grants or transactions are pending before you begin
• Forgetting to download or save final statements from the old bank
• Confusing a transfer with a withdrawal — a transfer keeps your money in a registered plan; a withdrawal does not
• Sending funds directly to yourself instead of following proper RESP transfer procedures
• Not reviewing account balances after the transfer is complete to catch any errors

Should You Move Your RESP from a Bank to a Digital Provider?

Switching may make sense if you want clearer online access to your plan, easier contribution tracking, better RESP-specific support, or more guidance around withdrawals. It may also make sense if you want to understand your government grants more clearly or explore whether your child can have more than one RESP.

Staying may make sense if your current provider is meeting your needs, your fees are low, and you already have clear visibility into your grants and RESP contribution room.

The decision comes down to fit. Use the checklist above to compare your options before you commit. If you are also wondering whether you can transfer an RESP to another child or what happens to an RESP if it is not used, Embark’s Learning Centre has answers.

Frequently Asked Questions

Can I transfer an RESP from a bank to a digital provider?

Yes, in many cases you can. The receiving provider must be a registered RESP promoter, and both providers must coordinate the transfer. Check fees, grant support, and any plan restrictions before you begin.

Will I lose CESG if I transfer my RESP?

RESP-to-RESP transfers for the same child generally do not result in CESG being lost. That said, grant transfer conditions apply, and the new provider must be able to administer the same incentives. In some cases, such as with Additional CESG, repayment may be required if those conditions are not met. Ask both providers about grant handling before you begin. Learn more about CESG here.

Are there fees to transfer an RESP?

There may be. Fees vary by provider and must be confirmed directly with your current bank. Then ask the new provider whether they offer any reimbursement, or transfer bonuses/incentives.

What documents do I need for an RESP transfer?

You will typically need your RESP account number, subscriber details, your child’s name and SIN, your own SIN, a recent RESP statement, your plan type, and a breakdown of current grant and bond balances.

What should I check after transferring an RESP?

Verify that your contributions, CESG, CLB, provincial incentives, earnings, and beneficiary details all appear correctly in your new account. If anything looks wrong, contact the receiving provider right away.