BMO Investments Inc. RESP review

Supported grants and incentives

• Basic CESG: offered on the Canada.ca RESP promoters list.
• Additional CESG: offered on the Canada.ca RESP promoters list.
• Canada Learning Bond (CLB): offered on the Canada.ca RESP promoters list.
• B.C. Training and Education Savings Grant (BCTESG): offered on the Canada.ca RESP promoters list.
• Quebec residents should confirm current QESI handling directly with BMO before opening, because the Canada.ca promoter list does not track QESI.

Account types

• Individual RESP.
• Family RESP.
• This reviewed entry is the branch/advice-led BMO Investments Inc. promoter. BMO also has separate Canada.ca promoter rows for BMO InvestorLine Inc. and BMO Nesbitt Burns Inc.

Fees

• $10 annual administration fee per RESP account, plus applicable taxes, in the BMO Investments Inc. terms booklet.
• $50 transfer-out fee, plus applicable taxes, may apply if the registered plan is transferred in whole or in part to another institution.
• Short-term trading penalty of up to 2% may apply if fund securities are redeemed or switched within 30 days, at the fund manager's discretion.
• Underlying mutual fund MERs vary by fund. BMO says MERs are indirect costs and new BMO Mutual Funds do not carry sales charges on purchase or sale.

Transfer process

• BMO says transfer-ins start with a transfer form and may be completed in cash or in kind, depending on the assets.
• BMO says transfer-ins usually take 2 to 6 weeks, depending on the releasing institution.
• BMO says it does not charge for switching investments to BMO, but the relinquishing institution may charge transfer-out or administrative fees.
• For transfer-outs from the BMO Investments Inc. RESP promoter, the BMO terms booklet says a $50 fee may apply.

Withdrawal process

• BMO's RESP page says opening is handled through a branch or booked appointment with a BMO investment professional, which suggests the same channel is central for ongoing RESP servicing.
• The BMO Investments Inc. terms booklet says some instructions must be given in person at a branch.
• The terms booklet says redemption proceeds may take up to 5 business days to reach the designated account after instructions are given.
• BMO's RESP terms describe EAPs for a beneficiary enrolled in a qualifying or specified educational program and apply the standard 13-week rule limits unless a higher amount is approved under the Canada Education Savings Act.

Neutral comparison notes

• Compared with self-directed broker RESP pages, this promoter entry is more adviser-led and mutual-fund based.
• BMO publishes direct account fees for this promoter, but fund-level costs still depend on the specific mutual fund selected.
• The Canada.ca promoter row confirms federal benefits and BCTESG support, but it does not compare fees, investment costs, service speed, or QESI handling.
• Families comparing BMO options should separate BMO Investments Inc. from BMO InvestorLine and BMO Nesbitt Burns, because Canada.ca lists them as different promoters with different grant support rows.

Investment options noted on official pages

• BMO lists GICs, bonds, mutual funds, ETFs, and stocks as investments that can be held in an RESP, but the BMO Investments Inc. branch/professional channel is most directly tied to BMO Mutual Funds and adviser-led support.
• Families who want a self-directed RESP should compare the separate BMO InvestorLine promoter entry instead of assuming the same fees, tools, or provincial grant support apply.

Sources to use

Compare next

Provider pages are education notes, not endorsements. Compare at least one more profile before deciding.

• BMO InvestorLine Inc. RESP review
• RBC Direct Investing Inc. RESP review
• TD Canada Trust / TD Direct Investing RESP review
• Questrade Inc. RESP review
• Wealthsimple RESP review
• Open the full RESP provider directory

Decide next

• How to choose an RESP provider
• How to transfer an RESP between providers
• How RESP withdrawals work

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