Going back to school requires solid financial planning

There are many good reasons that might motivate you to make a career change or go back to school. What are your interests? Are there any industries with interesting employment prospects right now? By answering these questions, you'll be on your way to figuring out what type of training will allow you to reach your goals.

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Saving in an RRSP to go back to school

An RRSP can help you save the money you'll need to go back to school through the Lifelong Learning Plan (LLP). Accordingly, you'll be able to use your savings today to change careers, upgrade your skills, or go back to school after retirement.

  • The LLP lets you withdraw money from your RRSP to finance full-time studies for either you or your spouse, without having to pay tax.

    Like the HBP, the LLP is like an interest-free loan you give to yourself. The program allows you to withdraw a maximum of $10,000 per year, up to a threshold of $20,000 over four years. The amount is repayable over a 10-year period at a minimum annual rate of 10% of the amount withdrawn.

  • You must meet the following criteria to be eligible for the LLP:

    • Have an RRSP
    • Be a Canadian resident
    • Be enrolled in a qualifying educational program or have received a letter of acceptance by March of the following year
    • Be considered a full-time student at a designated or certified educational institution
    • Be enrolled in a program that requires a minimum of 10 hours of instruction or work each week, for a minimum of three consecutive months

    This applies to CEGEPs, universities, and many technical and vocational schools.

Go back to school faster thanks to the RRSP+ with the Fonds

In addition to RRSP deductions, the RRSP+ with the Fonds gives you an additional 30% in tax savings.1 If you reinvest these savings in your RRSP+, you'll reach your savings goal much faster.

Learn more about the RRSP+ with the Fonds

Keep in mind that in order to be eligible to redeem your shares within the authorized limits, you must have held these Fonds shares for more than two years. Shares purchased after you resumed your studies cannot be redeemed under this criterion.

When you're ready to start the process, contact one of our Saving Services agents. They will be able to answer any questions you may have and send you the documentation you need. Call 1-800-567-3663 or visit our FAQ section for additional information.

Use your RRSP with FlexiFonds to go back to school

In addition providing you with all the tax benefits of an RRSP, the RRSP with FlexiFonds offers you the following:

  • Three mutual funds with a strong focus on Québec
  • Personalized, objective support from our FlexiFonds mutual fund advisors
  • Access to your money when you need it

Learn more about the RRSP with FlexiFonds

Keep in mind that, although you can withdraw your money whenever you want, the funds must have been held in your RRSP for at least 90 days to be eligible for the LLP.

Celi avec FlexiFonds

The TFSA with FlexiFonds: A fantastic tool to help you go back to school

Because the TFSA allows your savings to grow tax-free, you won't pay taxes on the money you withdraw when you need it. This is extremely practical if you want to go back to school.

If you're planning to go back to school part-time or pursuing additional or specialized training in a course that requires less than 10 hours of work per week, meaning you are not eligible to take advantage of the LLP, the TFSA can be a good way to compensate for a reduced income or pay your tuition fees.
If you prefer to keep your RRSP for retirement, the TFSA can be a great way to save for a project you care about.

Learn more about the TFSA with FlexiFonds

Most frequently asked questions

Redemptions and withdrawals
I’m going back to school. Can I redeem my RRSP+ to make things easier financially?
Yes. If you’re going back to school full time, you can submit a request to redeem your shares.
More Details : I’m going back to school. Can I redeem my RRSP+ to make things easier financially?
Redemptions and withdrawals
How much money can I withdraw from my RRSP+ to go back to school?
You can redeem all your Fonds shares purchased over at least two years, up to $20,000.
More Details : How much money can I withdraw from my RRSP+ to go back to school?
FlexiFonds
What are the withdrawal conditions for units registered in an RRSP with FlexiFonds ?
There are no withdrawal conditions for FlexiFonds products. You should note, however, that withdrawing amounts from an RRSP gives rise to tax withholdings.
More Details : What are the withdrawal conditions for units registered in an RRSP with FlexiFonds ?
FlexiFonds
Can I transfer my savings to FlexiFonds from another financial institution?
Yes. You can transfer a TFSA or RRSP to FlexiFonds by phone or directly online. To transfer a RRIF, you will need to call us.
More Details : Can I transfer my savings to FlexiFonds from another financial institution?
FlexiFonds
Do I get the 30% tax credits with the FlexiFonds offering?
The 30% tax credits are only available with the Class A shares of the Fonds. No labour-sponsored fund tax credit is applicable to FlexiFonds. With  FlexiFonds products, you get the tax benefits related to the savings vehicles offered and the opportunity to easily access your savings when you need them.
More Details : Do I get the 30% tax credits with the FlexiFonds offering?
FlexiFonds
What are the withdrawal conditions for units registered in a TFSA with FlexiFonds?
There are no withdrawal conditions or transaction fees on all FlexiFonds products.
More Details : What are the withdrawal conditions for units registered in a TFSA with FlexiFonds?

Ready to start saving to go back to school?

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    The acquisition of shares of the Fonds de solidarité FTQ may give rise to labour-sponsored fund tax credits. The tax credits amount to 30%, namely 15% at the Quebec level and 15% at the federal level, and are limited to $1,500 per fiscal year, which represents a $5,000 purchase of shares of the Fonds de solidarité FTQ. Under the 2023-2024 provincial budget, only individuals whose taxable income in Quebec for the 2022 taxation year was less than $112,656 will have access to 30% tax credits for the 2024 taxation year. Please note, however, that this measure has not currently been the subject of a bill or legislative amendment and could therefore be subject to modifications.

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