Embark

Embark, Registered Education Savings Plans in Canada

Embark is a Canadian provider specializing in Registered Education Savings Plans (RESPs). The entity presents itself as owned by a not-for-profit foundation, Embark Student Foundation, which reinvests its profits into scholarships. According to the company's own data, it manages $6.5 billion in assets and has 60 years of experience in education savings, with more than 60,000 students supported each year and over one million Canadians who have purchased its products.

Savings products and available plans

Embark's catalog revolves around the RESP, a savings account specifically designed to finance a child's post-secondary education. The company offers the Embark Student Plan, with a conservative version (Embark Conservative Plan), and also offers corporate plans (Corporate RESP). Enrollment can be completed online in about eight minutes and allows you to start with a single account holder, later adding a joint account holder or more children. No minimum contributions are required and no hidden fees are applied, and the company indicates that saving five dollars a week can cover a full year of university tuition.

Government grants and how the plan works

The RESP works with a government contribution of 20% on the amount deposited, up to $500 annually and $7,200 in total per child. Embark notes that its clients can receive up to $7,200 or more per child in federal and provincial grants, and that it handles the associated paperwork. Returns on contributions and grants benefit from eligible interest and grow tax-free until withdrawal. The company offers tools to calculate savings growth based on the child's age, initial contribution, monthly contribution, and province of residence, as grants vary by province or territory.

Gifting platform and contribution flexibility

Embark includes a gifting platform that allows family and friends to contribute directly to the plan without the need for bank transfers or phone calls. The company highlights the flexibility of the contribution schedule: the user decides whether to save monthly or annually, with no mandatory minimums. It also offers the possibility of transferring an existing RESP to Embark.

Foundation and commitment to education

Embark Student Foundation is a not-for-profit corporation that owns Embark Student Corp. In its 60 years of activity, it has awarded nearly $57 million to Canadians. Among its programs is the Embark Major Grant Program, launched in 2023, which grants millions to post-secondary institutions to support programs, services, and innovative initiatives that improve the student experience in Canada. The foundation also recognizes outstanding students with nearly two million dollars in awards for their achievements and community contributions.

Educational resources and tools for families

The company maintains a resources section with an RESP calculator, learning guides, and articles on personal finance. Available materials include instructions for obtaining a Social Insurance Number (SIN), applying for the Canada Learning Bond, obtaining student tax slips, understanding government grants, and managing withdrawals. It also offers specific content on RESPs for trades (RESP for Trades), a career and school orientation quiz, and a comparison tool against other competitors. The company has a podcast and a market analysis section.

Current offers and partner program

The site shows a promotion of up to $500 when opening a new RESP online with the code EMBARK500, subject to conditions. It also includes a referral program, the possibility of transferring an RESP to Embark, and other offers. Embark maintains a partner program for businesses and a partner directory that includes entities such as Tangerine, the Canadian Football League (CFL), JUMP Math, and the University of Toronto.

Location and contact

Phone: +1-800-363-7377 · Email: contact@embark.ca