Wealthsimple has officially launched support for the Québec Education Savings Incentive (QESI), allowing families in the province to access provincial grants directly through their RESP accounts. The move comes after years of the feature being one of the most requested items from the company’s 565,000 Québec clients.
By adding QESI support, parents can now secure up to $3,600 per child in provincial grants on top of existing federal incentives. When combined with the federal Canada Education Savings Grant (CESG), Québec families can receive up to 30% in government matching on their contributions.
“We know Québec families have been waiting for QESI support on Wealthsimple, and we heard them,” said Shane Murphy, Senior Advisor and Associate Portfolio Manager at Wealthsimple, in a statement on Wednesday. “Stacking it with federal grants means parents can now get up to 30% in government matching on their RESP contributions through Wealthsimple — that’s money that grows over time.”
How the Grants Work
The QESI is a refundable tax credit that matches 10% of annual RESP contributions, up to $250 per child each year. Lower-income families may also qualify for an additional 5% to 10% on the first $500 contributed.
According to Wealthsimple, the application process takes a few minutes through their app or web platform. For those with existing accounts, the system will track contributions made as far back as 2023 to ensure families receive the grants they are owed. These provincial funds are typically deposited into accounts every May.
“With our lower account fees, that makes a real difference when it comes to paying for everything that comes with post-secondary education,” Murphy added.
Eligibility and Setup
To qualify, a child must live in Québec, be under 18 at the end of the contribution year, and have a valid Social Insurance Number. The feature is available for both self-directed and managed RESP portfolios. Existing users can just log into the app, head to RESP and select ‘Apply for QESI’. New users looking to move their savings can initiate a transfer in about five minutes. Wealthsimple has also confirmed it will reimburse transfer fees dinged by big banks for those moving $25,000 or more into the platform.
Beyond the newly added QESI, Wealthsimple supports the Basic and Additional Canada Education Savings Grant (CESG), which offers up to $7,200 in lifetime matching, and the Canada Learning Bond (CLB) for lower-income families. For residents of British Columbia, they also provide access to the one-time B.C. Training and Education Savings Grant (BCTESG) worth $1,200. Wealthsimple first supported RESPs back in 2017. At the time, the company marketed it as Canada’s first entirely digital RESP registration process, eliminating the heavy and tedious paperwork typically required by traditional banks.
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