Parents in Canada invest nearly $2,500 annually in a Registered Education Savings Plan to maximize the Canada Education Savings Grant, yet how the money is saved can result in differences in the thousands over 18 years. You wouldn’t think a 1.5% yearly fee rather than 0.5% would be a huge difference, until you let compound interest do its thing.
Below is a working comparison of RESP options that Canadian parents actually use in 2026, including the robo-advisors, the digital-scholarship program, the legacy-group plan, the non-profit family plan, big bank brokerages and the workplace-benefits provider.
Regardless of which provider you choose, all RESPs use these government savings programs: Canada Education Savings Grant that offers a 20% match on annual contributions up to $500 a year (a maximum of $7,200 in a beneficiary’s lifetime); Canada Learning Bond that provides up to $2,000 (for lower income families with no investment necessary); and Provincial grants where provinces such as British Columbia and Quebec offer supplemental programs.
1) WealthSimple
Pricing/Fees: 0.5% for managed RESP portfolios (0.4% for balances over $100,000); no commission on Canadian and U.S Stocks and ETFs for self-directed accounts. Wealthsimple forgoes its management fees for any account that includes a Canada Learning Bond.
Features: CESG and CLB applications are done automatically, fractional share trading; managed and self-directed versions are available for the same account with zero annual administration fees on any registered account.
Pros:
- No annual administration fee.
- Free self-directed trading.
Cons:
- Not an education specific target date fund on the managed side.
- Parents need to create the target allocation themselves.
Use Cases: Existing Wealthsimple clients or those who prefer a single digital login for their RRSP, TFSA and RESP. Grandparents who want a stand-alone RESP but don’t feel the need to use a human advisor.
Alternatives/Comparison Set: Justwealth is better for families looking specifically for an RESP target-date portfolio, since Wealthsimple’s managed product doesn’t automatically decrease in risk on a predefined timeline.
Related Accounts: RESP is available alongside TFSAs, RRSPs, FHSAs, RRIFs, and non-registered accounts under the same login, with no change for multiple account types.
Government Programs: Automatically applies for CESG (maximum lifetime amount of $7,200) and CLB (maximum $2,000 lifetime amount) and offers any available provincial top-up programs.
2) CST Spark
Pricing/Fees: CST Spark charges an annual management fee of 1.3 per cent plus an underlying investment fee of up to 0.2 per cent. They advertise no hidden sales charges and no fee to transfer a plan from another provider.
Features: CST Spark automatically rebalanes each plan by the child’s age, aiming for an eligibility enrollment window by age 17. An account holder will receive guidance from a Mutual Fund Representative and have the option of using their mySpark app to monitor their plan. CST Spark has a high rating on Birdeye with thousands of reviews.
Pros:
- Upfront disclosers and no enrollment fee.
- CST Spark does not require you to do extensive paperwork for setup.
Cons:
- The plan automatically manages investment selections and does not allow the plan holder to choose individual funds.
- Investors who want to hand-pick all their investments may want to opt for a discount brokerage plan instead.
Use Cases: Works for new parents who want help managing an education savings account for a child (or multiple children), or a grandparent wanting to contribute to a child’s existing education savings plan. It avoids the traditional, sometimes cumbersome, group-plan structure often found at companies such as Knowledge First Financial.
Alternatives/Comparison Set: This is one of the lower-cost providers, but is more comparable to Embark on fees, and compared to Knowledge First Financial on the lack of an upfront sales fee.
Related Accounts: Provides TFSA and a non-registered Investment Account, so families can keep education savings along with other investments within one institution.
Government Programs: Accounts are eligible for all CESG funds, the $50,000 limit and applications for the CLB and provincial grants are available.
3) Embark
Pricing/Fees: A flat management fee of 1.65% plus HST with no registration or withdrawal fees. Contributions can start as low as $5 per week.
Pros:
- No sales charges, and Embark is a non-profit organization that reinvests profits in scholarships.
Cons:
- Its 1.65% fee is higher than CST Spark’s blended fee and a lot more than a self-directed brokerage would cost for 18 years.
Use Cases: Families who need multi-participant functionality on a single plan and who prefer supporting a non-profit organization that minimizes fees.
Alternatives/Comparison Set: For cost-conscious parents, Embark’s 1.65% fee is steep versus CST Spark’s 1.3%-1.5% total fee or the 0.4%-0.5% managed account fee on a Wealthsimple account.
- Related Accounts: Embark specializes in RESPs and offers neither TFSA, RRSP or non-registered accounts, so you’ll need to get a different financial institution for those needs.
Government Programs: The fund helps with the application for government benefits such as the Canada Education Savings Grant (CESG) and Canada Learning Benefit (CLB), and supports the $50,000 annual lifetime contribution limit for beneficiaries.
4) RBC Direct Investing
Pricing/Fees: $9.95 per trade on stocks and ETFs (After 50 free per year). No annual administration fee for RESP accounts as RBC no longer charges account maintenance fees as of 2024.
Features: Full access for investors to trade Canadian and US stocks, ETFs, mutual funds and bonds. You also get access to 53 free commission-free ETFs without a limit on trades.
Pros:
- Complete investor control of investments as well as access to the entire RBC banking platform for existing clients.
Cons:
- There are no tools available to optimize your CESG, no auto rebalancing feature, and the $9.95 trade fee could quickly add up for families making smaller, frequent contributions rather than large contributions all at once.
Use Cases: This account type is great for those who already know how to manage and rebalance a portfolio on their own; new parents who do not invest regularly can find better value from a managed service.
Alternatives/Comparison Set: Competes with direct competitors like Scotia iTrade, TD DIrect Investing, and BMO InvestorLine which also fall under big bank direct investing accounts. This account’s comparison set in a managed portfolio space include CST Spark, Embark and Wealthsimple’s managed portfolios.
Related Accounts: Supports TFSAs, RRSAs, FSHSAs, and locked-in accounts, in addition to the RESP, all under a single RBC direct investing login.
Government Programs: Upon request RBC Direct Investing will apply for CESG. For the CLB and provincial grants, you will need to complete the paperwork yourself.
5) ScotiaBank
Pricing/Fees: RESP accounts have a flat annual fee of $25 that is waived if your combined assets reach $15,000; equity trades cost $9.99
Features: The platform offers commission-free ETFs on all North American listed securities, and you can hold both US and Canadian registered plans together. New investors also have access to practice accounts.
Pros:
- Accounts can be managed under one relationship.
- Fee waiver requires less than other big-bank options.
Cons:
- Standard commissions are one of the highest.
- There is no robo-advisor, and you’ll have to manually apply for CESG.
Use Cases: An existing Scotiabank client consolidating accounts rather than an investor solely looking for an RESP provider without a pre-existing banking relationship.
Alternatives/Comparison Set: Similar to RBC Direct Investing or BMO InvestorLine, this is the self-directed option for existing Scotiabank clients. Competitors such as Questtrade or Wealthsimple’s ETF portfolios charge fewer commissions and fees.
Related Account Types: Offers RRSP, TFSA, LIRA, and RRIF, with the $25 RESP fee structured separately than the $100 fee on other account types.
Government programs: Scotiabank says CESG can be applied for upon request, and you’ll manage all applications for other government grants similarly to any other RESP account.
6) CanadaLife
Pricing/Fees: A flat 1.5% investment management fee on all its target-date education funds, with contributions taken automatically.
Features: Target-date education funds, a study fund, and GIA options are available, distributed mainly as an employer benefit via workplace plans.
Pros:
- Easy if your employer has the benefit already, because payroll will do the heavy lifting and there’s no separate application required.
Cons:
- Restricted to those whose employers already have the benefit, and the 1.5% fee is more expensive than others without the same freedom as a self-directed account.
Use Cases: Perfect for employees whose company has the benefit but not for individuals searching for the best RESP providers.
Alternatives/Comparison Set: For employees without access to this benefit, CST Spark and Wealthsimple offer simple target-date structure at a lower total fee.
Related Accounts: It’s offered as one of several solutions in conjunction with the employer’s other workplace and retirement savings plans.
Government Programs: CanadaLife will apply for CESG on behalf of employees, with the $50,000 lifetime limit and CLB rules applying just as they would with any other plan.
Comparison Table
| Provider | Pricing | Key Feature | Best For | Limitation |
| Wealthsimple | 0.5% managed fee; free self-directed | Auto-applies for CESG/CLB; full account suite | Hands-off parents wanting one app for everything | Managed portfolios aren’t RESP-specific target-date funds |
| CST Spark | 1.3$ management fee + up to 0.2% fund fee; no sales charges | Age-based glide path built for CESG-timelines | Parents who want an advisor relationship without group restrictions | No self-directed ETF or stock-picking option |
| Embark | 1.65% MER, no enrollment or withdrawal fees | Not-for-profit, gifting platform for relatives | Grandparents and multi-contributor families | Fee runs higher than most self-direct and robo options |
| RBC Direct Investing | $9.95/trade; $100/year admin fee waived above $15k balance | Self-directed stocks, ETFs, mutual funds | Investors who want to build their own portfolio | No portfolio management or rebalancing included |
| Scotiabank | $9.99/trade; $25/year RESP fee waived above $15k balance | 100+ commission-free ETFs | Existing Scotiabank clients | Higher flat commissions than robo-advisors |
| CanadaLife | 1.5% investment management fee | Employer payroll-deduction RESP | Employees at companies offering the benefit | Only available where employer offers the plan |
Frequently Asked Question
Which RESP has the lowest fees in Canada?
Self-directed brokerage firms such as RBC Direct Investing and Scotiabank charge no management fees, only transaction commissions. Among managed plans, Wealthsimple’s 0.4%-0.5% management fee and CST Spark’s 1.3%-1.5% all-in rate are lowest.
Is a group RESP worth it compared to an individual plan?
Because group plans invest the pooled contributions from members and typically payout funds on a set schedule, they’re an option for long-term savers with a good deal of patience. However, most group plans levy an upfront sales charge, so you will be hit with hefty penalties for withdrawing funds early.
Can grandparents contribute to an RESP?
Absolutely. They can start their own individual RESP account for the grandchild, or they can contribute to a family plan already in place. In fact, Embark has created a gifting platform for exactly this purpose.
Conclusion
The Problem: High management fees and manual grant applications can quietly drain thousands of dollars from your child’s future education savings over an 18-year timeline.
Key Takeaways: Managed plans like Wealthsimple offer the lowest fees, while platforms like CST Spark provide hands-off, age-based target date rebalancing. Big banks give you ultimate control but require manual grant tracking.
Next Steps:
- Calculate your lifetime contribution strategy.
- Choose whether you want self-directed for low fees, or automated robo-advisors for hands-off growth.
- Open an account with your selected provider and ensure government grant applications are submitted.
