LIFELONG LEARNING PLAN (LLP)

The Lifelong Learning Plan (LLP) allows you to withdraw funds from your RRSP to finance training or education programs, with no income tax payable on the amount withdrawn.

MAXIMUM WITHDRAWAL

The maximum withdrawal is $10,000 per year, up to a total of $20,000 over a four-year period.

QUALIFYING EDUCATIONAL PROGRAMS

Any educational program offered by a designated educational institution (university or college) that lasts three consecutive months or more and requires students to spend 10 hours or more per week on courses or work in the program.

REPAYING THE WITHDRAWALS

You have to pay back the money to your RRSP over a 10-year period, beginning the earlier of:

• the fifth calendar year after your first withdrawal under the LLP
  
  or
  
  
• the second consecutive year in which you did not claim the education amount on your tax return for at least three months