Lifelong Learning Plan (LLP)

A government program that lets you withdraw money from your RRSP to go back to school and not have to pay tax on it. A lifelong learning plan is like a 10-year interest-free loan from your RRSP savings!

Programs must:

• last at least 3 months in a row
• have a student requirement of 10 hours of instruction or work each week
• be given by a designated educational institution

You must have received written confirmation of your admission or a written offer to enrol in a program to be eligible to participate in an LLP.

• Generally, for each year of your repayment period you must repay 10% of the total amount withdrawn from your RRSP until the full amount is repaid.
• You cannot claim income tax deductions for repayments to your RRSP.

• The maximum withdrawal per year is $10,000.
• Withdrawals are not taxable in the year they are made.