How to move RESP accounts from one bank to another
We had a bank account with a local credit union where we kept our kids' RESP accounts. In order to simplify our banking we decided to move these RESP accounts to Questrade. We have two individual plans and the process to move them was really simple. The example below shows how we moved our son's RESP account. The same form was sent when we moved our daughter's account (with corresponding changes)
Here's what we had to do:
- Fill out 2 Government of Canada forms, form name: REGISTERED EDUCATION SAVINGS PLAN (RESP) TRANSFER FORM
- HRSDC SDE 0088 (Form A) - 2 pages
- HRSDC SDE 0089 (Forms B) - 1 page
- Mail the signed forms to the receving bank
Here's how it looks step by step:
- Filled out basic subscriber information, RESP account number for both the old bank and the new one.
Area II - checked off that the beneficiary is common to both accounts.
Area III - checked off to move the full balance in cash.
Click on each image to see bigger version, text in blue is what we filled out:
- Several days after mailing the form we got an update on the website that the move is in progres
- First transfer took about a month and a half, the second only two weeks.