Participating in the Lifelong Learning Plan (LLP)
The LLP allows you to withdraw up to $10,000 in a calendar year from your RRSPs to finance full-time training or education for you or your spouse or common-law partner. You cannot participate in the LLP to finance your children's training or education, or the training or education of your spouse's or common-law partner's children. As long as you meet the LLP conditions every year, you can withdraw amounts from your RRSPs until January of the fourth calendar year after the year you made your first LLP withdrawal. You cannot withdraw more than $20,000 in total.
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The Lifelong Learning Plan Withdrawal Process
You must meet all of the following LLP conditions:
- you have an RRSP
- you are a resident of Canada
- the LLP student is enrolled (or has received an offer to enrol before March of the following year):
- as a full-time student
- in a qualifying educational program
- at a designated educational institution
- if you have made an LLP withdrawal in a previous year, your repayment period has not begun
For more information, go to Eligibility requirements for the LLP.
Note
However, if the LLP student meets one of the disability conditions they can be enrolled on a part-time basis.
Fill out Form RC96, Lifelong Learning Plan (LLP) Request to Withdraw Funds from an RRSP and give it to your RRSP issuer.
You can withdraw the following:
- up to $10,000 in a calendar year
- up to $20,000 in a participation
The LLP student has to:
- enrol before March of the year after the year of the LLP withdrawal
- still be enrolled in that program in April of the year after the LLP withdrawal, unless the student has already completed the program by then
Note
If the student leaves the educational program before April of the year after the LLP withdrawal, see If the LLP student leaves the educational program for more information.
The RRSP issuer will withhold tax at source on the part of the withdrawal that exceeds the $10,000 limit for the year.
The RRSP issuer will send you a T4RSP slip showing the amount you withdrew under the LLP.
You must file an income tax and benefit return and fill out a Schedule 7 to report all LLP withdrawals made in the tax year.
Topics
- Participating in the LLP
Who can participate and conditions to meet. - LLP Withdrawals
Withdrawing from your RRSP and limits. - Repayments to your RRSP under the LLP
Repayments to your RRSP under the LLP. - Cancelling your LLP withdrawal
Not enrolled, left the program, or became a non-resident, due date. - Important dates
When a student must have received an offer to enroll. - How to view your LLP account balance – Use MyCRA mobile application or go online to My Account
Use one of our online services for direct access to your LLP account balance
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