Is saving in RRSP for returning to school a bad idea?

Retirement / CPP / OAS / GIS

[QC] Husband and I have been stuck in the same dead-end job for a long time (each making ~45k each) and finally paid off debt so that we can save up to return to school to get higher paying jobs. We're both looking into going to trade schools, alternating with one of us continuing to work while the other is in school. We're both eligible for loans and scholarships that would cover part of our expenses, but not enough to make up for the work income we'd lose by returning to school. I've seen people say you should save in your TFSA for school, but if I were to do so, I'd start owing taxes at the end of the year. I've been saving in RRSP and FHSA instead to either owe no taxes, or get a refund back that I then immediately put back into savings. Should I continue contributing my savings/tax refunds to my RRSP, and pull out of it when I'm back in school to make up for lost income?

Posted Mar 2, 2026, 4:02 PM UTC

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