Savings and Earnings
It’s never too soon—or too late—to start earning and saving for school.
Savings from the following sources can help you pay for school:
- part-time work during school
- employment when not in school
- allowance, gifts, prizes, investments, etc.
- money from parents and family
- RESPs (Registered Education Savings Plan)Check out these resources to learn more:
If you’re under 18 and do not have an RESP, talk to your family about setting one up. An RESP is a special savings account that helps you, your family and /or friends save for post-secondary education. An RESP
- allows savings to grow tax-free until you withdraw the funds for school. As a student you’ll usually have little to no taxable income, so you'll pay little to no tax on the RESP income.
- may qualify for additional government grants of 20% to 40% of the money put into the program each year, through the Canada Education Savings Grant and the Canada Learning Bond.
- RRSPs (Registered Retirement Savings Plan)
You can withdraw up to $10,000 in a calendar year from your RRSP to pay for training or education. Find out more at Registered Retirement Savings Plan.
These options let you learn and earn at the same time:
- Co-operative (co-op) education programs accessed through a post-secondary school, provide alternate terms of full-time study with work placement—usually with pay. Co-op programs let you
- earn money to help pay for school
- gain work experience
- make industry contacts
- gain an edge on post-grad employment. Many employers use co-op positions as “trial” periods that can lead to full-time employment when you graduate.
- Apprenticeship is a training program that combines on-the-job training and work experience with technical training at a post-secondary school. From day one as an apprentice, you earn a salary for time on the job. Many Trades offer apprenticeship programs.
- Summer jobs and part-time work during the school term can be learning and earning opportunities. Check out these resources and make the most of your job: