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New initiative will allow family, friends and other loved ones to contribute to children’s education savings electronically

By Tessie Sanci |

Toronto-based Heritage Education Funds Inc. is bringing the crowdfunding spirit into its registered education savings plans (RESPs) with the launch of the Heritage eGifting program.

The initiative allows parents to set up digital fundraising campaigns so that family, friends and other loved ones can contribute to children's education savings electronically, in what Heritage is calling a first for RESPs in Canada. The program is available exclusively to Heritage subscribers.

"We're the first organization in Canada that is bringing this level of service to the financial services industry and everyone who uses it will see the great value in investing into those solutions and in making a difference in a child's life," says Jason Maguire, president and CEO at Heritage, in a statement released on Friday.

Heritage is partnering with FundRazr, a Vancouver-based crowdfunding company, to provide the required platform, which is described as "inexpensive and easy to use," according to Heritage's announcement.

FundRazr has helped raise more than $74 million from more than 45,000 campaigns around the world.