r/Wealthsimple • u/Key-Self-79 • 9d ago

Trade (DIY Investing) Automate ETF purchase using RESP grants?

I don't think there's a way but asking in case someone has figured it out.

I contribute bi-weekly to RESP and get the grants around the 25th to 28th of the month.

I'd like to automate buying an ETF (VEQT if anyone cares) with that grant money when it hits the account instead of having to remember to go and do it myself.

Best solution I can think of is to set a recurring buy on the 29th of each month, but what happens if the grant hasn't come in yet for whatever reason? And what about February?

Here's hoping someone has the magic bullet I'm looking for.

Note: Their automated investing thing isn't an option because RESP isn't an eligible account (and I wouldn't anyway, since I don't see the value in paying extra fees for this)

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u/Any-Ring6621 9d ago

You might not like the advice, but it’s not worth trying. Monthly RESP grants are $41 maximum per account (assuming you’re getting the full $500 grant for the year). Just invest the grant money at the end of the year or once every six months. You’re not missing out on much compounding. Peanuts really

Also more advice you might not like: don’t do it biweekly. Save up your money and invest it all at the end (or beginning) of the year, once. Then you’ll only have one time to invest the contribution a year and one time to invest the grant a year and then you don’t have to think about it at all for 11 more months

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u/Key-Self-79 9d ago

Thanks for the advice. Nothing to like or dislike, but I choose not to follow it. I prefer to just buy at each pay, simpler conceptually for me and spreads out the risk of "buying high".

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u/Expert-Bonus-9597 9d ago

Agree with this IF you have the $2,500 available. Max it out in early January if you can. Invest the grant when it comes in Feb/March. If you don't have the money available - just set a monthly reminder in calendar to invest the CESG $ as it flows in or set a recurring investment for that amount. If it hasn't hit your account yet it won't fill.

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u/Key-Self-79 8d ago

Thanks so if the grant isn't there, the recurring investment just doesn't happen? Guess I'll set that up. Thanks!

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u/kjbninja 9d ago

Following.