Invite Your Friends And You Both Get $150
For a limited time: For each new plan your friends enrol in, we’ll put $150 in your RESP and $150 in their RESP!*
Answers to Commonly Asked Questions About RESPs and Embark
When you contribute to an RESP, the government matches your qualified contributions by 20% – up to $7,200 over the lifetime of your plan – through the Canada Education Savings Grant (CESG). Eligible beneficiaries can also receive additional support through the Canada Learning Bond (CLB) and other grants. Your savings grow tax-free in an RESP. This means that as long as the money is in the RESP, you won’t have to pay any taxes. When withdrawing your grants, contribution income and grant income, otherwise known as an educational assistance payment (EAP), the funds are taxed in the hands of the student, meaning they typically pay very little-to-no taxes on them, due to their low-income tax bracket.
There is a total lifetime contribution limit of $50,000 per beneficiary (across all RESPs), and grants and grant income can only be used for post-secondary education (in some cases, earnings can be deducted by the subscriber as an AIP).
- A valid social insurance number (SIN) for both you and each child you’re saving for*
- A Government-issued ID
- Personal information for you and your child(ren)
Anyone who is a Canadian resident over the age of majority and has a valid SIN can open an RESP for an eligible beneficiary. Family RESPs may only be opened by a parent, grandparent or sibling of the beneficiary(ies) and beneficiary(ies) must be siblings. Individual RESPs can be opened by parents, grandparents, godparents, friends, or the individual themselves, if of legal age.
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 be of a minimum duration, which changes based on whether it’s full-time or part-time.
Embark Student Corp. is Canada’s expert RESP company. Managing RESPs for more than 600,000 students, education savings and planning is all we do. Each year, we help approximately 60,000 Canadians attend post-secondary school with the help of one of our RESPs. Since our inception, we’ve paid out approximately $8.1 billion to students as part of their education savings.