Post-secondary school can be rather costly — especially for those who decide to leave work to go back to school full-time. Watching your savings deplete as you train for a new career isn’t fun for anyone.
Did you know you can use your Registered Retirement Savings Plan to help pay for this? You sure can! This can be done through the Lifelong Learning Plan (LLP), which allows you to withdraw amounts from your RRSP to finance full-time training or education. You can even set this up so it works for your spouse or common-law partner if they decide to return to school. The only time you cannot use the LLP is when your or your spouse or common-law partner’s children are heading off to school — in this case, a Registered Education Savings Plan would be something to look into.
No matter who is going to school, we can help you develop a personalized financial plan that supports your family’s education-based decisions without breaking the bank. Click here to book your free consultation today.