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 You do not have to include the withdrawn amounts in your income, and the RRSP issuer will not withhold tax on these amounts.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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