Embark Launches First-of-its Kind RESP Gifting Feature Just in Time for the Holidays

TORONTO, Dec. 3, 2024 /CNW/ - Embark is revolutionizing the way Canadians save for education with the launch of a first-of-its-kind RESP gifting feature that allows family and friends to contribute directly to a child's Registered Education Savings Plan (RESP).

The new feature, only available to Embark customers, gives the account holder the ability to create a unique gifting link for each child they have an RESP for. Once shared with family and loved ones, the link will take the gifter to a personal funding page where they can contribute directly to the child's education savings in just a few clicks. The platform accepts standard forms of payment including Visa, Mastercard Google Pay and Apple Pay.

With the cost of post-secondary education in Canada estimated to reach $101,319 (including residence fees) and $51,039 (excluding residence fees) next year, this innovation has made it easier than ever to give a gift that's impactful and lasting.

It's easy to share the joy of this meaningful gift with the child and their parents. Both parents and gift-givers receive confirmation of the deposit, with the option to send the child a virtual note letting them know they were gifted money. The launch of Embark's RESP gifting eliminates any guesswork; no more unneeded toys or present mishaps at birthdays, holidays, or significant milestones.

The Gift That Truly Keeps on Giving

"We know parents often feel overwhelmed by the accumulation of 'stuff' during the holidays," says Andrew Lo, CEO of Embark. "This feature is about giving families a meaningful, lasting alternative. You can contribute directly to a child's RESP, cutting down the process and guesswork of giving someone money that they'll then have to deposit into their account. We're thrilled to make it simple for loved ones to play a direct role in shaping a child's educational journey."

Why an RESP is the Ultimate Gift

RESPs are more than just a financial tool—they are a promise of opportunity. By contributing to one, Canadian families can take advantage of government grants that match 20% of what you save, giving you up to an additional $500 annually and $7,200 throughout the life of your plan. Gifts received will be eligible to collect these grants. When combined with the power of tax-deferred growth, grants and this new gifting ability make RESPs one of the most effective ways to save for post-secondary education.

Whether it's a university degree, college diploma, or a specialized trade program, an RESP can help ease the financial burden of tuition and other education costs. With Embark's new gifting feature, loved ones can now play an active role in building a child's future, giving them the freedom to dream big and achieve more.

"We've often heard from our customers that it truly takes a village to save for a child's education," said Vice President, Product and Strategy, Yaniv Nathan. "With this feedback in mind, we set out to create a solution that makes it easier for families to work together towards a child's future. Our new RESP gifting feature is the first of its kind in Canada, designed to simplify RESP contributions. It allows parents to engage their support networks, making education savings more collaborative, accessible, and impactful than ever before."

ABOUT EMBARK STUDENT CORP.
Embark is Canada's education savings and planning company. With over $6.4 billion in assets under management, the company is committed to empowering families along their post-secondary journeys by giving them the resources and tools they need to better plan and save for all that comes with an education. Registered as a Scholarship Plan Dealer across Canada, the company manages almost 600,000 RESPs for Canadians nationwide and is expected to help approximately 116,000 students in post-secondary studies this year.

SOURCE Embark Student Corp.

Michael Jesus, Director, Marketing, Communications and Insights, Embark, [email protected], 647-783-1807