The Lifelong Learning Plan (LLP) lets you take money out of an RRSP to return to school and pay it back later. Note that you cannot use your RRSP to pay for your child's education.
$20,000 over 4 years
The annual limit is $10,000. Amounts over the limit will be counted towards your annual income for tax purposes. A couple can withdraw up to $40,000 to pay for their studies.
10 year maximum
You must repay 10% of the amount withdrawn on an annual basis for the following 10 years. The unpaid balance will appear on your federal notice of assessment. Note that repayments do not count towards your RRSP contribution room but are also not tax-deductible, so the LLP will not affect your retirement savings.
Meet with an advisor to start planning to go back to school.
Eligibility criteria for your training program:
Apply for financing to benefit from the LLP