Question 1

How do I find how much I paid my insurance company for my RESP?

Accepted Answer

The amount you paid for your RESP at the insurance company can typically be found on your initial enrollment documents, which should state how much of your payments go to fees.

Question 2

Should I still open an Embark RESP even if I already bank with a big Canadian bank?

Accepted Answer

Opening an Embark RESP doesn’t mean leaving your current bank. You can continue everyday banking with your current provider while giving your child’s education fund the specialist attention it deserves. It’s similar to seeing a pediatrician for your child’s health—because expertise matters.

Question 3

What are the fees associated with my Embark Student Plan?

Accepted Answer

Embark charges a 1.65% management expense ratio (MER) annually plus applicable taxes. This means Embark takes $16.50 for every $1,000 invested, plus applicable taxes, deducted directly from plan earnings or, if earnings are insufficient, from contributions.

Question 4

What if my spouse is not available right now to open the Registered Education Savings Plan (RESP)?

Accepted Answer

You can open an Embark Registered Education Savings Plan (RESP) with just one parent and one child. You can easily add your spouse as a joint account holder anytime by sending them an online invitation to join the account.

Question 5

What is a Registered Education Savings Plan (RESP)?

Accepted Answer

A Registered Education Savings Plan (RESP) is a tax-advantaged savings account that is partially funded by the Canadian government and helps you plan and save for a child’s post-secondary education. An RESP can contain cash and other investment instruments. Savings grow tax-free while in an RESP and, when you withdraw the funds, they are generally taxed in the hands of the student, often allowing more of your savings to go toward their education.

Question 6

Who can open a Registered Education Savings Plan (RESP)?

Accepted Answer

Anyone who is a Canadian resident over the age of majority and has a valid SIN can open a Registered Education Savings Plan (RESP) for an eligible beneficiary. Family RESPs may only be opened by a parent, grandparent, or sibling of the beneficiary or beneficiaries, and beneficiaries must be siblings. Individual RESPs can be opened by parents, grandparents, godparents, friends, or the individual themselves, if they are of legal age.

Question 7

What educational programs qualify for a Registered Education Savings Plan (RESP)?

Accepted Answer

Qualifying programs include courses offered by universities, colleges, trade schools, CEGEPs, and other institutions certified by the Minister of Employment and Social Development. The program must meet minimum duration requirements, which vary based on whether it is full-time or part-time study.

Question 8

How is a Registered Education Savings Plan (RESP) different from a Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP)?

Accepted Answer

A Registered Education Savings Plan (RESP) is an education savings plan registered with the CRA that attracts government grants until the end of the year the child turns 17. Savings in an RESP grow tax-free, and only the income and grant amounts are taxed to the beneficiary at the time of withdrawal. Contributions are not tax deductible, and RESP earnings and grants must be used for educational purposes. A TFSA is a tax-free savings account where income is not taxed and contributions are not tax deductible, but TFSAs are not eligible for education-related government grants. An RRSP is a retirement savings plan registered with the CRA where contributions are tax deductible and earnings grow tax-free, but withdrawals are taxed to the account holder and subject to withholding taxes. RRSPs do not receive education-related government grants.

Question 9

What are the benefits of a Registered Education Savings Plan (RESP) over other investment options?

Accepted Answer

When you contribute to a Registered Education Savings Plan (RESP), the government matches eligible contributions by 20%—up to $7,200 per beneficiary over the lifetime of the plan—through the Canada Education Savings Grant (CESG). Eligible beneficiaries can also receive additional support through the Canada Learning Bond (CLB) and other grants. Savings grow tax-free inside the RESP, and when funds are paid out as educational assistance payments (EAPs), the grant income and investment income are generally taxed in the hands of the student, who is often in a lower tax bracket and may pay little or no tax.

Question 10

What are the limitations of a Registered Education Savings Plan (RESP)?

Accepted Answer

There is a total lifetime contribution limit of $50,000 per beneficiary across all Registered Education Savings Plans (RESPs). Government grants and grant income can only be used for eligible post-secondary education. In some cases, earnings may be withdrawn by the subscriber as an accumulated income payment (AIP), subject to applicable rules and taxes.

RESPs made easy
at Embark

Open an RESP online.  
No branch visits required.

Add children online to your family RESP¹

No advisor meetings required

Set up in 8 minutes

Easier RESP savings.  
Full transparency, 24/7

One family RESP, all children²

Government grants invested immediately

See contributions, grants, and investment income instantly

A simpler way for family to gift to an RESP.

Grandparents and family can contribute online

Any amount, instantly invested

Real-time RESP alerts and rewards. Not offered by banks.

Instant notification when Canada Education Savings Grants (CESG) are deposited

RESP referral rewards paid directly into your account

Track every grant, bonus, and contribution in real time

The leader in digital RESP withdrawals in Canada.

60,000+ online RESP withdrawals per year

Real-time withdrawal tracking

Optimized withdrawal strategies

Stop managing complexity. Choose Embark.

RESPs made easy at Embark

Open an RESP online. No branch visits required.

Add children online to your family RESP1