Creating a new RESP account at Questrade - step-by-step
These are how I created a new RESP account. I scanned all the documents I had to fill out and mail to make it easier for me to create another account for my other kid (we have two individual plans).
It should take about 1 week to fully create the account but in my case it much took longer because 1) I was lazy 2) we left for vacation in the middle of all this and 3) because I made a mistake on one form and had to correct it.
- Use Questrade's online account creation tool to prepare the new account
- Print, sign and mail all the documents
- Fund the account
The first part - Questrade's online account creation tool - is easy to use and it validates all your details before you can continue to the next screen. There are 8 steps you need to do out before it will give you the documents to sign and mail - here are the 8 steps:
Once you go through these steps you will see the following status screen on the main "myQuestrade" page:
Please note that the document #3 listed on the status page called "Canadian education savings grant (non custodial)" is actually a Government of Canada form that was not included in the documents downloaded from Questrade, I got it from the support team. The form can be found at www.esdc.gc.ca (direct PDF link).
The 3 documents I signed and mailed are:
1) Statement of Acceptance (3 pages)
2) RESP single beneficiary plan application (3 pages)
3) Basic and Additional Canada Education Savings Grant (CESG) and Canada Learning Bond (CLB) (4 pages)
Two valid IDs - driver's licences (one for each parent) were uploaded using the website. All other forms were mailed together to:
North American Center
5650 Yonge Street, Suite 1700
Toronto, ON M2M 4G3
2015-07-07 - Application filled out online
2015-07-10 - Signed
2015-07-11 - Mailed forms at 5 PM, uploaded pictures of 2 driver's licences at 10 PM
2015-07-14 - Status page updated, some documents checked off but not all, still incomplete. Vacation starts
2015-07-26 - Back from vacation, problem with CESG grant form, chat with Questrade
2015-07-30 - Mailed fixed form before noon
2015-07-31 - Received email "Fund your account to put it into action" - they must have already received the new form and everything is good
2015-08-01 - Added the new RESP account to CIBC banking as payee, put $1000 (minimum funding amount) into RESP
2015-08-02 - Received email from Questrade at 9PM - new account created. Not visible in my list of accounts when I logged in though...
2015-08-03 - RESP visible under account list. Account creation is finished.
Problems I had
1) On page #1 of CESG grant form - I put both parents as "Primary caregiver" when according to the government only one can be primary.
The fix was to leave one parent as primary - YES, and one as primary - NO.
I had to mail this (corrected) form again.
2) I'm not quite sure I got the two dates ("Date Contibutions Must End" and "Date Plan Must Terminate") on page #3 of the application correct but nobody complained so hopefully it's good. The formula I used was current date +31 years and then current date +35 years.
- Statement of Acceptance (3 pages)
- RESP single beneficiary plan application (3 pages)
- Basic and Additional Canada Education Savings Grant (CESG) and Canada Learning Bond (CLB) (4 pages)