Balance Offer
Terms and conditions
General:
Offer Start Date: October 1, 2024, at 12:00 am EST
Offer End Date: December 31, 2024, at 11:59 pm EST
Offer Funding Deadline: March 31, 2025, at 11:59 pm EST
Eligibility Criteria:
1. The Offer is available to Embark Student Corp. subscribers (“Offeree”) who meet all the following conditions:
a) Is an existing subscriber of an Embark Student Plan (the “Plan”);
b) Is presented with the Offer by an Embark Student Corp.’s licensed representative or Education Savings Specialist on or before the Offer End Date;
c) Makes a one-time transfer-in of RESP assets from another financial institution (“OFI”) and/or a one-time deposit received by Embark Student Corp. and deposited into the Beneficiary’s Plan between the Offer Start Date and the Offer Funding Deadline.
Bonus Conditions
1. An incentive bonus of $50 in contributions will be granted to the Offeree for every $5,000 of assets transferred in from an OFI and/or deposited to the Plan as a one-time contribution (the “Bonus”) and a reimbursement bonus of $150 in OFI transfer-out fees (“Reimbursement”) for a minimum of $5,000 of assets transferred in to the Plan will be granted to the Offeree provided all conditions set out in these Terms and Conditions are met.
2. The Offeree making a transfer/deposit totaling less than $5,000 will not qualify for the Offer and will not receive any Bonus or Reimbursement.
3. The Offeree making a transfer/deposit that total over $5,000 will receive $50 Bonus for the initial $5,000 contributed and an additional pro-rated Bonus for the remaining amount up to the maximum of $2,400 in total Bonus.
Example:
$15,000 contribution that satisfies the terms and conditions of the Offer will receive a total amount of $150 in Bonus and $150 in Reimbursement for transfers-in from an OFI.
$4,000 contribution will not be eligible for any Bonus or Reimbursement.
4. By the Offer Bonus Date, the Bonus and Reimbursement will be deposited as a principal contribution into the Plan to which the transfer and/or deposit was made. Neither the Bonus nor the Reimbursement shall be paid in cash or other form. Neither the Bonus, nor the Reimbursement can be paid to another related or unrelated RESP account outside of the Offeree’s Plan.
Example 1: Customer opts into the Offer with a licensed Embark Student Corp. representative or Education Savings Specialist prior to the Offer End Date and transfers in $24,000 from another institution and deposits additional $2,000 in contributions before the Offer Funding Deadline. The total amount in the Plan is thus $26,000. Customer will earn $260 Bonus and the Reimbursement of $150 deposited into their Plan on or before the Offer Bonus Date.
Example 2: Customer registers for a pre-authorized contribution of $200 monthly and verbally opts into the Offer with a licensed Embark Student Corp. representative or Education Savings Specialist prior to the Offer End Date. At Offer Funding Deadline, the Plan’s balance is $400, hence the customer will not be eligible for any Bonus or Reimbursement.
Example 3: Customer registers for a pre-authorized contribution of $200 monthly and verbally opts into the Offer with a licensed Embark Student Corp. representative or Education Savings Specialist prior to the Offer End Date. Prior to the Offer Funding Deadline, the customer makes a lump-sum deposit of $10,000, bringing the Plan’s balance to $10,400. As a result, the customer will earn a Bonus of $104 and the Reimbursement of $150 deposited into their Plan on or before the Offer Bonus Date.
5. Both Bonus and Reimbursement will be considered a RESP contribution and will be eligible to attract applicable government grants and earn income.
6. The Bonus will be calculated as of the Offer Funding Deadline based on the sum of all transfers and deposits made into the Plan between the Offer Start Date and the Offer Funding Deadline. Any transfers out or withdrawals between the Offer Start Date and the Offer Funding Deadline will reduce the amount used in calculation of the Bonus. The Reimbursement of $150 will be paid to all Offerees who transfer-in funds from another OFI.
7. After fulfilling the Offer conditions, the Offeree must keep their Plan active for 90 days after the date of receiving the Bonus and Reimbursement. In the event of termination of the Plan within 90 days of receiving the Bonus and Reimbursement, the Bonus and Reimbursement will be subtracted from the balance of the Plan (the “Clawback”).
8. The Clawback will be subject to the following exceptions:
a. Termination of the Plan due to a death of beneficiary, or
b. Post-Secondary Education (PSE) withdrawal, or
c. Non-Post Secondary Education Withdrawal (NPSE) if the beneficiary is eighteen (18) years of age or older.
9. When the Plan is terminated, standard closing costs and transfer out fees will apply, as defined in the Plan’s Prospectus.
Other Terms and Conditions:
10. It is the Offeree’s responsibility to know they have enough contribution room in the Plan. If the Bonus and Reimbursement exceed the maximum amount of contributions allowed by the Canada Revenue Agency, Embark Student Corp. will not be held responsible for any taxes or penalties resulting from payment of any Bonus and Reimbursement or excess contributions, nor for the contributions not attracting grants.
11. Only transfers-in of RESP assets from financial institutions outside of Embark Student Corp. are eligible for this Offer. Assets transferred from other Embark Student Corp. Education Savings Plans (For example, Flex First Plan, Family Single Student Plan) are not eligible for this Offer.
12. All amounts are stated in Canadian dollars.
13. The terms and conditions of this Offer, including its overall availability, are at the sole and absolute discretion of Embark Student Corp. and are subject to change at any time without prior notice.
14. Embark Student Corp. reserves the right at its sole discretion to, without advance notice, terminate or suspend the Offer, in whole or in part, or modify it in any way.
15. Embark Student Corp. reserves the right, at its sole discretion, to suspend, disqualify, limit or revoke this Offer for any Offeree, whom it finds or believes to be manipulating or otherwise abusing the process, fairness, or integrity of the Offer. Bonuses earned through fraudulent activities or activities in violation of these Terms and Conditions will be null and void and repayment may be requested by Embark Student Corp.
16. In the event of conflict, the Terms and Conditions will prevail over any of the contents of any brochure, promotional materials or statements, or any other communication regarding this Offer, whether written or oral from Embark Student Corp., except where otherwise stated.
17. By accepting this Offer, you agree that you have read and understood these Terms and Conditions and agree to be bound by them. Any notice offered by us with respect to this Offer is deemed to be provided on the day it is posted on our website.