During our lifetime, we tend to change careers several times. Sometimes it can be a forced change when our industries relocate to other areas, are not as prevalent as it was previously or cease to exist. We can also choose to change a career to find more meaningful work or to provide a more satisfactory living for our families.
No matter the reason why we are forced or choose to change careers, a majority of the time we need the training to have the skills to venture into a new career path. Training always has a price tag associated with it and we need to look at all the options to finance for your new career.
In Ontario, we have many different options to look towards funding. See below to see if you fit under any of the funding criteria:
Were you laid off from a career and collected Employment Insurance?
You may want to look into the Second Career program offered through the Ministry of Training Colleges and Universities. You will need to get in contact with your local employment agency. Funding amounts will vary depending on your career path and personal circumstances.
Do you have a disability?
Are you a youth?
Are you an older worker?
If you are between the ages of 55 to 64 and unemployed, you can look into the TIOW (Targeted Initiative for Older Workers) program. This program is only available in certain eligible communities across Ontario. Funding also varies by area.
Do you have you status through a First Nation or Metis?
Were you in the Canadian Forces?
Are you an immigrant to Canada?
Try speaking with The Maytree Foundation. They may have options to help you transition into a career path.
Not qualified for any government funding programs?
You might have a RESP in your name.
Student or personal lines of credit and loans are available through the bank. Depending on your credit rating, you may need a co-signor.
Other options include a credit card(s), personal savings or you might have a family member willing to assist you through this transition.
Now that you have seen the current options available, go and speak with a representative to these programs to see how much funding you could be eligible for. Most of the government programs are a grant and you will not need to pay this money back.
Good luck with your pursuit for funds to help with your new chosen career path!