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Moorhouse said that if you鈥檝e been in your job for a while and there hasn鈥檛 been any forward movement 鈥� whether through increased salary or promotions 鈥� investing in continuing education to improve your skills, or change careers entirely, can be a good return on investment.

鈥淚f you are in an industry where they keep doing layoffs, then it鈥檚 time to read the writing on the wall and retrain or go into something different that has a bit more longevity,鈥� she said. 鈥淒o you want to wait until your number gets called, or do you want to make those moves now, to retrain and pop into another career?鈥�

And, she said, depending on your personal circumstances and your continuing education options, there could be financial support out there to help pay for those courses.

Pay for it yourself

Your first option is to fund it yourself, whether by saving up the money in advance or by using a line of credit or a loan from a bank 鈥� don鈥檛, Moorhouse said, put it on your credit card where you will be paying a high interest rate.

She said one thing that you can investigate is the Canadian government鈥檚 Lifelong Learning Plan, which allows you to withdraw up to $10,000 in a calendar year from your Registered Retirement Savings Plans (RRSPs) to finance full-time training or education for you or your spouse or common-law partner.

鈥淚f you have money in your RRSP, that is one way that you can borrow from your RRSP to pay for school, but you really need to look into what you will use that money for,鈥� she said, adding that there are restrictions when it comes to your status as a student, whether it is a qualifying program or a designated institution.

鈥淵ou can do whatever you want with your Tax Free Savings Account (TFSA), it is your money. That would be another self-funding option,鈥� she said. 鈥淚f you are an adult and when you were a child your parents or guardian set up a Registered Education Savings Plan (RESP) and you did not use up all those funds, and you are in a window where you can still use that money, you can still use it.鈥�

She said this is unlikely for most because the RESP was probably all spent to pay for your original degree. But if you, for example, took a few years of university or college and never completed your degree, it could be an option if your RESP is still open and depending on the school and program you are interested in.

Approach your workplace

Moorhouse said it is not uncommon for some workplaces to offer programs where they will pay for employees to upgrade their skills and professional certifications 鈥� something she has done in the past.

鈥淚 worked years ago for a law firm, and they had a program, or opened up a budget for our department, where it was, 鈥業f you want to do training, then do it and we will pay for it,鈥欌�� she said.

鈥淵ou never know until you ask if there are programs or tell them that you want to train in this opportunity. For example, a lot of people who work for financial institutions can get courses paid by the institution because it is in its best interest to have someone with a higher level of education.鈥�

Other available options to assist in paying for continuing education may include your union or professional associations, so check with them to see if there are opportunities that you are not aware of.

For example, the Ontario Public Service Employees Union offers a $1,000 continuing education scholarship to its members in good standing who are looking to continue their education at any post-secondary program in Ontario.

The Ontario Nurses Association offers its members and students a variety of financial opportunities. It has several scholarships and bursaries, like the Human Rights and Equity Bursary Fund, which provides five annual bursaries of $1,000 for a program that relates to or promotes human rights and equity issues.

Look at the government or your institution

Depending on your circumstances, you may qualify as a part-time student for money through the Ontario Student Assistance Program 鈥� known as OSAP 鈥� but this will depend on how many courses you are taking, at what institution and what your family income is.

If you are taking an approved micro-credentials course (think condominium management or accounting basics) offered at a postsecondary institution in Ontario, you may also qualify, but again this will depend on several eligibility factors.

Moorhouse said there are also some federal and provincial programs that offer education funding to specific careers or industries, like the Ontario Learn and Stay Grant related to education in some health-related careers. But, again, these programs may be limited to full-time studies.

Several colleges and universities also offer bursaries and scholarships specific to continuing education students. Mohawk College, as one example, offers a need-based bursary for students studying part-time, and completing their first eligible post-secondary certificate or diploma.

No matter what continuing education finding path you select, Moorhouse said it is important to ask yourself what would happen if you didn鈥檛 take continuing education courses to improve your skills or job prospects.

鈥淚f you have a plan, and you know how this added education will help you 鈥� whether switching careers or just improving your current career 鈥� what would be the opportunity cost of not going back?鈥� she said.

鈥淢aybe your salary and income will stagnate for a bit, and you see other people being promoted and making $20,000 or $30,000 more than you. You could have spent a few years furthering your education and getting that.鈥�

鈥淏ut don鈥檛 quit your day job to go back to school if you can do it part time, because it is a lot of pressure financially to not have any income, to take out loans and then taking time to find another job. So, if you can, slow and steady, and do it sooner rather than later.鈥�