Lifelong Learning Plan
The Lifelong Learning Plan (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.
You cannot withdraw funds from an SPP or a PRPP under the LLP. However, SPP and PRPP contributions can be designated as an LLP repayment. You do not have to include the withdrawn amounts in your income, and the RRSP issuer will not withhold tax on these amounts. You have to repay these withdrawals to your RRSP, PRPP or SPP, generally within 10 years. Any amount that you do not repay when it is due will be included in your income for the year it was due. The chart below summarizes the LLP withdrawal process.
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The Lifelong Learning Plan Withdrawal Process
You must meet all of the following LLP conditions:
- 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
Note
If the LLP student meets one of the disability conditions they can be enrolled on a part-time basis.- you have an RRSP
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 both 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 Lifelong Learning Plan
Who can participate and conditions to meet. - Lifelong Learning Plan Withdrawals
Withdrawing from your RRSP and limits. - Repayments to your Registered Retirement Savings Plan under the Lifelong learning Plan
Repayments to your RRSP under the LLP. - Cancelling a Lifelong Learning Plan 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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