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Lifelong Learning Plan (LLP)

Quick facts

  • Main feature: tax-sheltered investment income
  • Maximum withdrawal: Up to $10,000 per year from your RRSP. Total amount withdrawn cannot exceed $20,000 over 4 years.
  • Repayment: 10 years to pay the funds back into your RRSP
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Who should get this investment?

Savers who want to make a tax-free withdrawal from an RRSP to pay for full-time studies for themselves or a spouse. It's as though you were granting yourself a 10-year, interest-free loan from your RRSP.

Features

Eligible training programs
Programs must:
  • Require at least 3 consecutive months of study.
  • Require at least 10 hours per week of course work.
  • Be offered at a recognized teaching establishment.
You must have a letter confirming your admission and permitting you to enrol in such a program.
Repayment
  • Generally, you have to repay 10% of the total amount withdrawn from your RRSP each year of your repayment period, until the full amount is repaid.
  • The start date for the repayments depends on your status as a student.
  • You cannot claim an income tax deduction for repayments to your RRSP.
Other
You can use funds from your RRSP for a Lifelong Learning Plan at the same time as a Home Buyers' Plan (HBP), as long as you are eligible for an HBP.

To find out more

Visit the Canada Revenue Agency site.

How to get this product
At the caisse At the caisse
Make an appointment with a caisse advisor:

1. An eligible program spans at least three consecutive months and requires at least 10 hours per week of course work.