Going Back to School While Working? Here’s How to Make Your Money Work Too
You’re doing what many only think about: going back to school because you want better work and a better life. That takes real courage. But courage alone isn’t enough. You will want all of money and resources pulling in the same direction.
When you treat your money with the same intention you bring to your studies, you build a future that can last, with enough flexibility to handle anything that might come up.
Here are practical ways to protect your savings, invest wisely, and claim every bit of help you’re owed.
1) Tap the Savings You Built, But Use it with Intention
Your RRSP isn’t just for retirement. The Lifelong Learning Plan lets you withdraw up to $20,000 tax-free to pay for full-time studies.
But here’s what many miss: it’s not “free money.” You have to repay it within ten years or you’ll pay tax on what you didn’t put back.
Think of it as a temporary loan to yourself. Use only what truly moves the needle. Keep some retirement savings growing in the background.
2) Stack Credits Like Hidden Cash
Tuition tax credits are more than a line on your return, they can shrink your tax bill for years.
Keep every receipt and get your T2202 slip from your school. If you don’t need the full credit now, you can carry it forward or transfer up to $5,000 to a spouse, parent, or grandparent.
Many students forget this, and it’s like leaving free money behind.
3) Treat Your Workplace Like a Sponsor
If you’re working while studying, you’re building new value for your employer. Make that clear.
Ask if they’ll cover any costs, even a partial reimbursement helps. Some workplaces don’t advertise education support until you ask.
Better yet, show how your new skills will feed back into your role. One client took the initiative to schedule lunch and learns to share insights more broadly. Everyone wins.
4) Keep Investing, Even If It’s Small
A surprising number of students hit pause on investing while they study. But small, steady investing during this time keeps your money’s growth curve alive. Even $25 a month into your TFSA compounds. And it keeps you in the habit, so you don’t have to start from scratch later.
Long-term wealth isn’t about timing the market. It’s about time in the market — especially while you’re learning.
5) Build a “Reality Budget”
Dedicate one afternoon to building a "real" budget. Use it as a reality check, and write down everything that's coming in (income), and what's going out (expenses). This way you can tweak it in advance before you realize you might be coming in short. Run a "stress test” to understand what might happen if you get fewer hours at work.
6) Claim Moving Costs Most People Miss
If you move more than 40 km closer to your school, you can claim moving expenses. Many forget costs like temporary accommodation, storage, or meals during the move. Keep every receipt. These small details can add up to hundreds shaved off your tax bill.
7) Borrow Strategically
If you need to borrow, treat it like a bridge. A student line of credit is usually cheaper than a credit card. Check for options with flexible repayment. And don’t borrow to maintain your old lifestyle, only for what actually advances your new path.
8) Look Beyond the Obvious Grants
Scholarships aren’t just for fresh high school grads. Many schools have “mature learner” bursaries or emergency grants.
Unions and professional associations often have funds that go unused every year. Look once a semester as new options pop up all the time.
9) Use Every Government Tool
Canada Training Credit: If you’re 25–64, you may get $250 a year toward training — it accumulates if you don’t use it right away.
Skills Boost Grant: If you’ve been out of high school 10+ years and have kids, you might get extra support.
Provincial Adult Learner Grants: Some provinces quietly offer extra funding for adult or part-time students, ask your school’s financial aid office what’s current.
10) Don’t Forget the Tax Write-Offs Nobody Talks About
Union dues or professional fees
Childcare costs while you’re in class
Interest on old government student loans
Home office expenses if you freelance on the side
One overlooked receipt can be the difference between owing and getting money back.
Keep the Story Growing
Warren Buffet said that “The best investment you can make is in yourself."
Congrats on this big decision. Now, be as smart with your money as you are with your studies. One small step at a time is enough, and your future self will thank you.
Want a financial plan that matches your ambition? Let’s build it together Let’s get started together. Get in touch with a member of our team.