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Explore Education & Training

Savings and Earnings

Youth standing outside on campus carrying a backpack and books


Savings are any money you can set aside. The more you save, the less you need to borrow. A separate bank account just for your post-secondary education may help you save money.

These sources can help you fill that savings account:

  • Part-time work during school
  • Employment when not in school
  • Allowance, gifts, prizes, investments, etc.
  • Money from parents and family
  • Registered Education Savings Plan (RESP)
    If you’re under 18 and don't 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 take the money out 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 extra 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.
  • The Lifelong Learning Plan connected to your Registered Retirement Savings Plan (RRSP)
    You can withdraw up to $10,000 in a calendar year from your RRSP to pay for full-time training or education. 


These options let you learn and earn at the same time:

  • Co-operative (co-op) education programs at 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 programs combine 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.
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