Account opening process

Clients can follow the Account Opening Process and select the RESP or Joint RESP account type at the start. 

Assante Connect typically recommends that RESPs be opened jointly wherever applicable. In this case, we will need the secondary account holder to also sign up and submit a separate joint RESP application through their own Assante Connect profile. Please note that this will be mandatory to facilitate the transfer of an existing Joint RESP.

Once the client has applied online for the RESP account, we will reach out to them for the following information before sending the account application:

1. Full name of the account holder(s)
2. Full name(s), DOB, and gender for all beneficiaries on the plan
3. Confirm if the account is going to be opened as a sole or joint RESP 
4. Determine the primary account holder for the joint RESP.  
5. NOTE: Only the primary account holder will be able to initiate transactions on the account through the Transfer Funds option on Assante Connect including withdrawals and deposits.  Please refer below for how the joint subscriber is able to contribute.

Note: the child must have a valid SIN to be included in an RESP. 

Once this is received, the forms will be sent to your client(s) for e-signing. You will be included on all correspondence in this process and any account transfers requested.

Note: Quebec RESPs are not currently supported at this time. 

Frequently Asked Questions 

Does Assante Connect open Family or Individual RESPs?

• We open all of our RESP plans as Family plans by default.
• This approach decreases paperwork for clients when there are additional beneficiaries and provides greater flexibility in distributing funds between beneficiaries (excluding funds from government grants).
• Note: an individual plan must be used if the beneficiary is not related by blood or adoption.

Why do we recommend RESPs be opened jointly? 

• Having both parents joint on the account means that either client can make contributions, provide instructions for future withdrawals when the children are in post-secondary; and most importantly, both of clients will have a right of survivorship in the event that one of them passes away while the account is open.
• This is also a requirement if the client wishes to transfer from a Joint RESP plan at an external institution. 
• To do this, the secondary account holder needs to sign up as your client on Assante Connect and submit a separate RESP application through their profile. Both clients will need to sign the Joint RESP application.

Can the client's partner make contributions to the RESP?

• Their partner can only make contributions if they are a joint subscriber on the account. 

How does the joint subscriber make contributions to the account? 

• The primary subscriber will be able to do deposits from the bank account set up on file through the Transfer Funds option on Assante Connect.
• The Secondary subscriber can also contribute via bill payment through their online banking. To do this, register the payee as "
• CI Investment Services Inc." and use the Assante Connect nine-digit account number when registering (a zero will need to be added as the 10th digit).

Can the joint subscriber see the account? 

• Yes, but the clients will need to link their Assante Connect accounts. 
• You can find more information in the article, How can my clients view each other's accounts?

Who applies for grants?

• We will include the respective grant and bond forms in the RESP application package sent to the client(s). Our Custodian will request the grants and bonds on behalf of the client. 
• In the event of material changes to the beneficiaries info (e.g. there is a new beneficiary on the account or the child turns six in BC and becomes eligible for the BCTESG), the client will need to notify us so we can provide the correct forms. 

How long does it take for grants and bonds to be deposited? 

• The client will typically receive the grants or bonds in their account within 6-8 weeks of the qualifying deposit.

What banking information is used?

• The banking information of the primary account holder will be used unless specified otherwise

Where can I see the contribution and the grant distribution? 

• Currently, the contributions can be seen in the client's account history on their Assante Connect account. 
• If you would like further details, you can send us a message at [email protected].

Can a party outside of the client's household contribute to the plan? 

• Third parties cannot directly contribute to the RESP. 
• Options:
  1. Gift the money to the subscriber who can make the deposit directly to the RESP.
  2. Open a separate RESP for the beneficiary. This will require you to keep track of total contributions to maximize aggregate grants for the beneficiary.

How does a client withdraw funds?

• The client account holder will submit a withdrawal through their Assante Connect account and we will then follow up with them to get proof of enrolment and complete a redemption form.
• There are two types of withdrawals that the client can make.
  • Educational Assistance Payment (EAP) - this is comprised of the growth of principle, growth on top of government grants, and the grants themselves. The student will report this as income. A full-time student is limited to withdrawing $5000 during the first 13 consecutive weeks. After that point, there is no limit.  
  • Post-Secondary Education Capital withdrawal (PSE) - this is just the portion of principle contributed by the account holder(s). This is received tax-free and there is no withdrawal restriction just like the EAP portion.

How does a client add beneficiaries?

• You can forward the beneficiaries details to [email protected] and our team will prepare new forms for the client(s) to sign.
• Note that the new beneficiary must have an active SIN before we can add them to the account.

Can I change the allocation of contribution? 

• We set up the clients allocations to an equal split between all beneficiaries on the plan but these can be changed at any point by contacting our team.