RESP Transfer : Who keeps track of what ?

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EmperorCoder
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RESP Transfer : Who keeps track of what ?

Post by EmperorCoder »

I am pondering switching to a different provider for my RESP account. After reading a bit, I am under the impression that my current provider should have kept track of things like total contributions I made, total grants the account received, and time since the account was opened. All this info will be relevant the day I decide to collapse the plan or withdraw from it.

I am trying to figure out how this information is going to be carried to the new provider after I transfer the plan (and money) to them. Does government keep track of anything or does it trust the providers to do so ? Should I make sure the providers exchange the information properly between them ? And what if they don't ? What recourse do I have, and against who ?

I couldn't find any info on this topic !
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EmperorCoder
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Re: RESP Transfer : Who keeps track of what ?

Post by EmperorCoder »

No answers ?

I guess not many people have tried transferring RESPs. Or they simply don't know/care what will happen when they start withdrawing from the account a few years from now.

Either way, I will attempt the experience and will report anything I've learned in the process to this thread.
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Re: RESP Transfer : Who keeps track of what ?

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EmperorCoder
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Re: RESP Transfer : Who keeps track of what ?

Post by EmperorCoder »

Thanks for the link, somehow it didn't came up in my research. :oops: Lots in good stuff there.
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Re: RESP Transfer : Who keeps track of what ?

Post by Peculiar_Investor »

EmperorCoder wrote:Thanks for the link, somehow it didn't came up in my research. :oops: Lots in good stuff there.
Agreed, so added it to our Registered Education Savings Plan wiki page.
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twa2w
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Re: RESP Transfer : Who keeps track of what ?

Post by twa2w »

When the institution your are now with, transfers the funds to your new institution of choice, it will provide that institution with the relevant figures to keep track of contributions, grants etc.

When you do the transfer, all the information should match on the transfer paperwork to what the current institution has on file- names of beneficiaries, SINS, subscribers name etc so make sure you check all this stuff before you do it.
Usually to get grants, the beneficiaries names on the RESP must be exactly as outlined on their SIN. So this is a good start but I would double check this with your current provider.
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Re: RESP Transfer : Who keeps track of what ?

Post by BetCrooks »

I transferred our RESP from BMO to InvestorLine this year so after reading this I went to check what info InvestorLine has. It's hard to find the historical information per Beneficiary online but when I sent them a secure email question, they answered with the correct information about the contributions and grants for each Beneficiary. So they have the correct information from the past institution.

I hope your transfer goes well too!
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