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It-s-Your-Life

Leaving a job: changing careers

Many people, who find themselves out of work and with time on their hands, and money in their pockets due to lay-off, start thinking about a career change.

If you weren’t happy with the direction your career was taking, this can be your opportunity to move into a field you are more interested in. Quite often this may mean retraining or further education. In addition to your severance package, there are a number of other sources of funding to help you make a career transition.

Here are some resources you should consider if you are thinking about a career change:

The Lifelong Learning Plan (LLP)

The LLP is a way to draw on your RRSP savings to fund a full-time return to school. As with the Homebuyer’s Plan, this enables either you or your spouse to essentially borrow from yourself by withdrawing funds from your RRSP(s) and paying it back at a later date. The following link provides a good description of the LLP: Lifelong Learning Plan

 

Career Counselling and Skills Assistance

The federal government and many provinces provide counselling services to those looking to change careers, and provide information about training and educational programs as well as funding assistance. Here is a link to a Service Canada site providing a broad range on information: Training and Careers

 

Economic Action Plan

The federal government’s recently released Economic Action Plan also contains a great deal of initiatives and support to financially assist those who find themselves out of work. It also discusses programs to assist workers in retraining and beginning a new career. Information on the Economic Action Plan can be found at: Economic Action Plan.

 

Questions or comments? www.yourlifeyourplan.ca

 

This publication is intended as a general source of information and should not be considered as estate, tax planning, personal investment or tax advice, nor should it be construed as being specific to an individual’s investment objectives, financial situation or particular needs. We recommend that individuals consult with their professional financial or tax advisor before taking any action based upon the information found in this publication. The information and opinions contained herein have been compiled or arrived at from sources believed reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness. While we endeavour to update this information from time to time as needed, information can change without notice and Dynamic Funds® does not accept any responsibility for any loss or damage that results from any information contained herein.

© 2013 1832 Asset Management L.P. – All rights reserved. Reproduction in whole or in part of this content without the written consent of the copyright owner is forbidden. Snapshots™ is a trademark of its owner, used under license.

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.



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About the Author

Jeff Stathopulos, CIM, CFP, Portfolio Manager

Jeff is an advisor and partner with The Navigation Team at Scotia Wealth Management.

He lives in Kelowna with his wife Tanya, their two university bound daughters and their canine kids.

You can contact Jeff by email at [email protected]

Website:  www.yourlifeyourplan.ca

The Navigation Team

Scotia Wealth Management

This column is for information purposes only. It is recommended that individuals consult with their financial advisor before acting on any information contained in this article. The opinions stated are those of the author and not necessarily those of Scotia Capital Inc. or The Bank of Nova Scotia. ScotiaMcLeod is a division of Scotia Capital Inc., Member Canadian Investor Protection Fund.



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The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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