Finance your education

Whether you're looking to update your skills or get a fresh start, the RRSP and TFSA can help you reach your goal.

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.

Image Article

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 The amount is repayable over a 10-year period at a minimum annual rate of 10% of the amount withdrawn.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 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 FondsLearn 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 products to go back to school

In addition providing you with all the tax benefits of an RRSP, the RRSP with FlexiFonds products 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 RRSPLearn more about the RRSP

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 products: 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 TFSALearn more about the TFSA

Most frequently asked questions

Redemptions and withdrawals
I'm going back to school. How to request a withdrawal from my RRSP+?
If you're going back to school full time, you can submit a request to redeem your shares by contacting the Savings Service staff.
More Details : I'm going back to school. How to request a withdrawal from my RRSP+?
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?
Redemptions and withdrawals
Can I use my RRSP+ to pay for my spouse's or children's studies?
You can use your RRSP+ to pay for your spouse's studies but not for your children's.
More Details : Can I use my RRSP+ to pay for my spouse's or children's studies?
Redemptions and withdrawals
How long will the Fonds take to process my redemption request?
The Fonds generally processes a redemption request within a maximum of 30 days from the time it is deemed complete and compliant.
More Details : How long will the Fonds take to process my redemption request?
FlexiFonds
What are the withdrawal conditions for units registered in a RRSP with FlexiFonds products?
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 a RRSP with FlexiFonds products?
FlexiFonds
What are the withdrawal conditions for units registered in a TFSA with FlexiFonds products?
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 products?

Ready to start saving to go back to school?

Open an account

These articles may be of interest to you

  • 1

    The subscription 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 subscription of shares of the Fonds de solidarité FTQ.

    Please read the prospectus before subscribing to shares of the Fonds de solidarité FTQ. Copies of the prospectus may be obtained on the Website fondsftq.com, from a local representative or at the offices of the Fonds de solidarité FTQ. The indicated rates of return are the historical annual compounded total returns including changes in share value and reinvestment of all dividends and do not take into account income taxes payable by any security holder that would have reduced returns. The shares of the Fonds de solidarité FTQ are not guaranteed, their value changes and past performance may not be repeated.

    Information
    All the information and data provided on this website are for information purposes only; they are not intended to provide advice or recommendations of a financial, legal, accounting or tax nature with respect to investments. Although they are deemed reliable, no representation or warranty, express or implied, is made as to the accuracy, quality or completeness of this information and data. The opinions expressed should not be construed as a solicitation or an offer for the subscription or sale of shares of the Fonds de solidarité FTQ or the units referred to herein and should not be viewed as a recommendation. We recommend you consult your legal advisor.

    FlexiFonds de solidarité FTQ Inc.
    The units of the FlexiFonds funds are distributed solely in Québec by FlexiFonds de solidarité FTQ inc., a mutual fund dealer wholly owned by the Fonds de solidarité FTQ. FlexiFonds de solidarité FTQ inc. does not distribute the units of any other mutual funds. Management fees and other expenses may be associated with mutual fund investments. Please consult your advisor and read the prospectus and the fund facts documents before making an investment. The units of the FlexiFonds funds are not covered by the Canada Deposit Insurance Corporation nor any other government deposit insurer. The FlexiFonds funds are not guaranteed, their values change frequently, and past performance may not be repeated.

    Trademarks
    FlexiFonds, FlexiFonds Conservative, FlexiFonds Balanced and FlexiFonds Growth and the other trademarks displayed on this site are registered trademarks of the Fonds de solidarité FTQ. Other companies' trademarks are used with permission or under license. All rights reserved. Trademark references on this site should not be construed as an implied authorization to use such trademarks.

    Access and site availability
    The website is the property of Fonds de solidarité FTQ. By using the website, you agree to the following terms of use. You acknowledge and agree that the Fonds de solidarité FTQ may restrict, suspend or revoke your access to or use of all or part of the site, including links to third party sites, at any time, with or without cause, in its absolute discretion, without notice or liability. The Fonds de solidarité FTQ does not guarantee that this site will be available and meet your requirements or that access to this site will be uninterrupted. Availability downtime may occur at any time, without notice, including downtime required for maintenance or technical reasons.