Lifelong Learning Plan

The Lifelong Learning Plan (LLP) allows you to withdraw money from your Registered Retirement Savings Plan (RRSP) to pay for training or education. This money could also help pay for training or education for your spouse or common-law partner.

Under this plan, you can withdraw up to $10,000 in a calendar year from your RRSPs. Your spouse or common-law partner can also withdraw up to $10,000 from his/her RRSPs per calendar year, for a $20,000 maximum withdrawal in a calendar year of both personal and spousal withdrawals.

More good news is that you don’t have to include the withdrawn amounts in your income, and the RRSP issuer will not withhold tax on these amounts. You have up to 10 years to repay these withdrawals to your RRSPs. Any amount not repaid after the 10-year period will count as income for the year it is due.

Participation conditions
The LLP program has specific conditions that all must be met to participate. See Who can participate in the LLP?

Withdrawing RRSP funds
A LLP withdrawal requires the completion of RC96 - Lifelong Learning Plan (LLP) Request to Withdraw Funds from an RRSP for each withdrawal. There are timing requirements related to when the RRSP was opened or when recent contributions were made that must be met.

Repayment to your RRSP
When you withdraw funds from your RRSP under the LLP, you have up to 10 years to make repayments to your RRSPs. Usually, each year you have to repay 1/10 of the total amount you withdrew until the full amount is repaid. You do not have to pay any interest on the amounts you withdrew.

Special circumstances
There are a number of specials situations where the repayments have to be made in less than 10 years or for which you must cancel your LLP withdrawal. These include death, becoming a non-resident, turning 71 years old, and abandoned school. See Special circumstances for more details.