Lifelong Learning Plan (LLP)
Use your RRSP to go back to school
- Full-time studies for you or your spouse
- Total withdrawal limit of $20,000 over 4 years
- 10-year withdrawal payback period
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- Generally, for each year of your repayment period you must repay 10% of the total amount withdrawn from your RRSP until the full amount is repaid.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.
Learn more
Visit the Canada Revenue Agency site.