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Justwealth RESP review

Earn interest on your child’s education savings for a low monthly fee with this targeted Registered Education Savings Plan (RESP).

Justwealth RESPs let you put money in each year to build up your child’s education savings. The platform invests this money on your behalf in a higher risk profile in the beginning, to increase the chance that you’ll get a high return in your first years of saving.

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Are you looking to get a headstart on your child’s education? You might like to check out a JustWealth Registered Education Savings Plan (RESP). This plan is designed to give you a higher return on investment in your first years of saving, while reducing your investment risk as your child prepares to enter post-secondary.

This plan is eligible for Canada Education Savings Grants (CESGs) so you can double down on your child’s education savings. Find out more about whether a JustWealth RESP could be a good fit for you, and get more information about how you can sign up today.

What is JustWealth?

JustWealth is an investment platform that was launched in Canada in 2016 by co-founders Andrew Kirkland and James Gauthier. It’s run by a top-calibre team of investment experts and regularly consults with an advisory board to guide its work. It also offers RESPs to help Canadians save up for the post-secondary education of future generations.

How do Justwealth RESPs work?

Justwealth RESPs let you put money in each year to build up your child’s education savings. The platform invests this money on your behalf in a higher risk profile in the beginning, to increase the chance that you’ll get a high return in your first years of saving.

At the same time, JustWealth applies for a government grant on your behalf each year to give an extra boost to the money you put away. This grant is worth 20% of the contributions you make into your RESP each year, up to a maximum of $500.

In addition to an annual grant, you’ll also earn interest on your savings. As an added benefit, JustWealth will automatically start to lower the risk in your portfolio as your child nears post-secondary to protect the money you’ve already invested in case of a market downturn.

Can I put as much money as I want in my RESP?

Receive a cash bonus of $50.00-$500.00 when you open a new Justwealth RESP account.

While it may be tempting to invest more than the maximum limit, it doesn’t really make sense to do so since you’ll be charged a 0.50% fee on any amount you invest over $50,000. For this reason, you’re better off sticking within the specified maximum limits to make the most of your returns.

How RESPs work

Why choose Justwealth RESP?

JustWealth has a low annual management fee of 0.5% for RESPs. The absolute minimum fee you’ll have to pay to manage your RESP per month is $2.50. You'll also end up paying an average of 0.20% per year in ETF management fees.

Another benefit of JustWealth is that it rebalances your RESP as your child ages. This means you’ll enjoy higher risk and higher reward investments in the beginning to maximize profits. As your child nears graduation, your portfolio will become more conservative to preserve your gains.

Pros and cons


  • Easy application. It’s easy to open an account by filling out a simple online application.
  • Low management fees. You’ll pay management fees as low as 0.7%, which is competitive for RESPs.
  • No minimum deposits. There are no minimum deposit requirements listed on the website, which means you can open an account with as little as $0.
  • Gains aren’t taxable. You won’t pay any taxes on the interest you earn, though your child will pay taxes on any grant money that’s paid out to them.
  • Portfolio rebalancing. Your investments will be rebalanced as your child nears graduation to grow and then protect your savings.
  • Diversified funds. Your money will be invested in a mix of assets with the goal of reducing risk while maximizing your return.
  • CPIF insurance. Your investments will be protected up to $1 million by the Canadian Investor Protection Fund (CIPF) if JustWealth goes bankrupt.


  • High risk in the beginning. Your portfolio could lose money in the beginning since it will be invested in high-risk, high-reward funds.
  • Penalties for withdrawals. You could lose the grant portion of your RESP if you make withdrawals before your child starts their post-secondary education.
  • Account transfer fees. If you decide to transfer your account from JustWealth there will be a $50 fee for a partial account transfer and $150 fee for a full account transfer.
  • Taxes charged on grant payments. Your child will be required to pay taxes on the grant portion of any RESP that gets paid out to them.
  • Not owned by a big bank. This institution is privately owned and operated, which could mean it’s less financially stable than any of Canada’s Big Five banks.
  • No in-person service. Since technology is doing the majority of the investment work, you won’t get face-to-face time with an in-person JustWealth RESP adviser.

How can I open an account?

Eligibility requirements

To open an account with JustWealth, you’ll need to meet a couple of requirements:

  • Be at least 18 years of age (or 19 in some provinces)
  • Be a Canadian resident
  • Have a Social Insurance Number for yourself and the child you intend to save up for

How can I apply?

It’s easy to apply for a Justwealth RESP online by following these steps:

  1. Head to the JustWealth website and click apply.
  2. Indicate whether you’re a new or existing customer to access the appropriate application form.
  3. Complete the application, which includes providing your name, email address, Social Insurance Number and birth date.
  4. Verify your ID and begin depositing funds into your account.

How do withdrawals work?

Once your beneficiary registers for post-secondary, you can make a request to use the funds you have saved up to pay for a portion of their tuition. In the first 13 weeks of full-time studies, your child can withdraw up to in grants (also known as education assistance payments). These withdrawals will be taxed as if they were income.

Once the grants in your account are used up, your original contributions will be what’s left over in the account. At this point, you can choose to take that money back or pass it on to your beneficiary. As an added benefit, you won’t be taxed on this amount when you withdraw it, which means more money in your pocket.

Bottom line

JustWealth lets you save money for your child’s education without having to manually manage your investments yourself. It offers a strategic investment strategy designed to maximize your investments in the first years of saving, and protect your funds as your child nears graduation.

Find out what you need to qualify for this type of account and learn how you can apply online today.

Frequently asked questions

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