Posted on: 09-08-09 17:54:50
How does second career work, I have read the website and gained as much info as possible online but i am yet not clear about a couple of items.
I am still working but if my wife gets a layoff, despite of the savings we have and the over all family income - would she still qualify for second career funding ? Any and all information is much appreciated.
Thank You
Cougar
hi
Yes there is two category, one is second career and other is skill upgrade.
If your wife get leid off than she will get EI than with in 3 years of EI she can applied for study based on second career or skill upgrade.
I am trying to explain as per my best knowledge. Skill upgrade means you have soem qualification and expeierence from the same field which you want to study and second career meand you are going to change your filed totoally from your previous one.
Well both way HRDC will continue atleast amount of your EI as living cost and will give full or about 80 to 90% of your fees for study. Still when you applu pl make sure your wife do not have more money in RRSP. also your both account dont keep more than 3000-4000$. otherwise they will asked you to pay some money from your pocket for fees.
i hope i explain your answer.
still you have any other question you can asked me.
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pranav shah
Quote:
Originally posted by pranavshah77
hi
Well both way HRDC will continue atleast amount of your EI as living cost and will give full or about 80 to 90% of your fees for study. Still when you applu pl make sure your wife do not have more money in RRSP. also your both account dont keep more than 3000-4000$. otherwise they will asked you to pay some money from your pocket for fees.
i hope i explain your answer.
still you have any other question you can asked me.
thank you for this information Pranavshah, I just am wondering my wife does not have much money in her bank account however i do have some RRSP etc and have some $$ in my bank account as well. would the second career go as far as checking in to what i have in my accounts even though my wife is the one requesting assistance for fees ?
Its a good question and reply also.
What if one has some money ... but would like to take advantage of this program.
Where should we transfer our savings?
Also, on RSSP do they go and actually check how much funds you have?
Thanks in advance.
Prakask
Where ever you tranfer money, its link with Social Insurance Number.
Keep cash at home. or tranfer in india.
thanks for the tip.
if you transfer it to India, don't you have to declare the interest as part of your income tax to CRA.
Because presumably at some time in the future, say 10 years you intend to transfer the money back to Canada.
And FINTRAC does keep a record for transfers.
Quote:
Originally posted by Americanchai
Where ever you tranfer money, its link with Social Insurance Number.
Keep cash at home.
Here is what my situation is, my wife does not have any funds but i do. and I am planing to get some funding from second career for her once her lay offs comes through - due to happen next year beginning.
Assuming that i continue working, she has not funds in her accounts and i do - would that impact her ability to get the funding !? Are SIN's linked for husband and wife somehow ?
Should we file taxes seperately to preapre for this in advance for next year as our mutual home income takes us out of the lower income bracket range? I really would appreciate if someone knows how to get past the funding screening process if the spouse has income and reserves but the principal applicant has nothing ?
