Lifelong Learning Plan
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The Lifelong Learning Plan 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More good news is that you don’t have to include the withdrawn amounts in your income, and the RRSP issuer will not withhold tax on these amounts.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.
To learn more, read a detailed guide about the Lifelong Learning Plan.[1]
References
- ↑ Government of Canada, Lifelong Learning Plan, viewed February 20, 2009.
