Looking to strengthen your skills or get promoted? Learn something new or change careers? Whatever your motivation or goals, our advice can make it easier for you.
There are many ways to finance your studies and continue paying your mortgage and other expenses. You might already be familiar with the HBP, which allows you to withdraw money from your RRSP to finance the purchase of a first home. But did you know that you can use your RRSP to finance a return to school?
Returning to the classroom as an adult can be a big challenge, specially if you have responsibilities, a home and a family. There are many reasons for going back to school 25 years later: motivation, finances, time, etc. What are yours?
Put aside as much money as possible for your return to school. Set up systematic savings: select the frequency and amount you want, and the withdrawals will happen automatically.
Thinking about going back to school? Want to finance your studies stress-free? Did you know that the Lifelong Learning Plan (LLP) lets you withdraw up to $10,000 per year from your RRSP?
Determine what your income and expected expenses will be, including all study-related expenses. You'll get a clearer picture of how your finances will be affected. The good news is, you could save by taking advantage of special offers and discounts for students.