In August 2023, Jonathan Émond left his job to return to university for five years to become a notary. He chose not to work while studying. A luxury that he can afford in part thanks to the savings placed in his tax-free savings account (TFSA).
The thirty-year-old opened his TFSA around ten years ago without a precise strategy. “I opened it just because I thought I would get one, but I wasn’t investing money on a regular basis,” he says. It wasn’t for a specific project, and there was almost nothing in it. »
During this time, he was studying at university to become a teacher, in addition to working at Costco part-time. “After graduating in 2016, I took on a few teaching contracts for six months, while continuing at Costco. Then, I stopped working in schools to work full time at Costco until August 2023, when I started my law degree. »
When he was thinking about returning to school, money didn’t seem to be his main concern.
Above all, I wondered if I wanted to leave a job that I enjoy, with a top salary, stability, a great working environment and four weeks of vacation per year, knowing that the number would continue to increase with the weather.
Jonathan Emond
Not forgetting the obligation to sell your condo. “I really loved it, but I knew that if I went back to school, I wouldn’t be able to afford to keep it. Deep down, I was especially doubtful about the idea of putting aside my life as a young professional who is in the same place as his friends. »
The academic did not use a financial advisor to plan the financial management of the five years that his baccalaureate and his master’s degree in notarial law will last. “The financial stakes did not represent a burden. I knew that by selling my condo, I would have the necessary funds. »
In fact, the profits made on the sale of his old property were placed in his TFSA, respecting the maximum he could invest. The rest remained in the current account of his financial institution. “I also knew that by not working during my studies, I would be entitled to considerable loans and scholarships that cover my everyday expenses: groceries, gas, bus passes, etc. My TFSA is used strictly to pay my rent for five years. »
PHOTO CHARLES WILLIAM PELLETIER, SPECIAL COLLABORATION
Jonathan Emond plans to work during his summer vacation, but he is mainly banking on his TFSA and his loans and scholarships during his studies.
Returning to studies since last August, he will continue his university career until spring 2028. A period during which he hopes that neither his motivation nor his savings will decline.
I’ll be the first to be surprised if the money I’ve saved isn’t enough to cover all my expenses until I finish my studies. I’m confident I’ll be OK for five years, even without working during the year.
Jonathan Emond
If he plans to work during his summer vacation, he mainly relies on his TFSA and his loans and grants. “The TFSA has given me peace of mind, even though I know I won’t have any savings left at the end of the project. »
He will then be able to count on the significant notary salary that he will earn from the age of 35 to replenish his coffers.