The Plan by Investors Group^TM

Lifelong learning: investing in new skills for a new world

Change - that's the only constant in today's world. And it's why so many Canadians are changing the definition of education to include lifelong learning. For growing numbers of us, education is the only way to refresh existing skills, add new skills and stay competitive in a rapidly evolving work environment. Even recent graduates are finding it necessary to incorporate continued learning into their career plan and for many whose school days are farther in the past, it's becoming more apparent each day that continued career success and maintaining your lifestyle could hinge on a return to formal learning.

You want to do it, you may need to do it, and you know you have the capacity to do the work, but ...how will you cover the costs of your renewed education? Good question - because you'll not only be investing a great deal of time in your new learning, you'll also be investing a significant amount of money. And while it's true that some employers will cover the cost of upgrading or retraining, they are usually the exception rather than the rule.

Here are some potential strategies to pay for your return to school – but, let’s talk to discuss your personal needs.

Establish an RESP where you are the beneficiary, as your contributions will grow on a tax-deferred basis
Save for your education with a Tax-Free Savings Account (TFSA), where contributions grow tax-free and you can withdraw any amount without paying taxes
Borrow from your RRSP savings through the Lifelong Learning Plan (LLP)

Other options may include obtaining a loan or establishing a regular savings program in suitable non-registered investments.

We can help you determine the best way to fund your continued education. Let’s talk about your goals and determine a plan that makes it possible. Contact your Investors Group Consultant today.

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Written and published by Investors Group as a general source of information only. It is not intended as a solicitation to buy or sell specific investments, nor is it intended to provide tax, legal or investment advice. Readers should seek advice on their specific circumstances from an Investors Group Consultant.