Funding Options For Your Education
The decision to invest in your education and career training is one of the most important decisions you’ll ever make. Once you’ve taken that important step, the next question is how to pay for it.
If you’re not sure how to finance your education, we can help you on selecting the most suitable funding option for your education. The links below will provide some information on these options. For detailed information please contact us and speak with a qualified advisor.
- Bank Solutions
- HRSDC (Human Resources and Skills Development Canada)
- Second Career Funding
- Lifelong Learning Plan
- RESP (Registered Education Savings Plans)
Most Canadian banks and credit unions offer student loan or lines of credit to finance your education. Please visit your bank or go
to the following link to find out more information.
- Ukrainian Credit Union
- The Bank of Montreal
- TD Canada Trust Student Line of Credit
- Royal Credit Line for Students
- CIBC Line of Credit for Students
- Scotiabank Line of Credit for Students
ESDC (Employment and Social Development Canada)
The Government of Canada is helping to create an educated, skilled and flexible workforce by investing in programs that help individuals and businesses succeed in today’s economy and prepare for the jobs of the future. The Employment Insurance (EI) program provides temporary income support to unemployed workers while they look for employment or to upgrade their skills.
Registered Education Savings Plans
Students who have been named a beneficiary under a family members Registered Education Savings Plan (RESP), may use funds
from the RESP to finance their education.
Canada Job Grant
The Canada Ontario Job Grant (C.O.J.G.) provides an opportunity for employers to invest in their workforce with help from the government. The Job Grant will provide direct financial support to individual employers who wish to purchase training for their employees. Provide up to $10,000 in government support per person for training costs. Require employers to contribute one-third of the total costs.
There will be additional flexibility for small businesses to provide an in-kind contribution towards their share of the costs. Require
training to be delivered by an eligible, third-party trainer.
If you’re an employer with a particular skills demand,the Canada-Ontario Job Grant might be right for you. Applications will be accepted on an ongoing basis.
For more information, please visit http://www.tcu.gov.on.ca/eng/eopg/cojg/
Lifelong Learning Plan
The Lifelong Learning Plan (LLP) allows you to withdraw amounts from your RRSPs to finance full-time training or education for you or your spouse or common-law partner.
For more information, please go to the following link: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/llp-reep/menu-eng.html