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Lifelong Learning Plan (LLP)

Upgrade or new start? Finance your education with your RRSP.

Is this savings plan for you?

  • You or your spouse plan to go back to school full-time.
  • You want to make a tax-free withdrawal from your RRSP to finance your education.
  • You would like to benefit from a 10-year interest-free loan.

Main feature :Tax-sheltered investment income

Maximum annual withdrawal :$10,000 from your RRSP

Repayment :10-year period to repay the amount withdrawn

Eligible training programs Programs must:

  • Require at least 3 consecutive months of study.
  • Require at least 10 hours per week of course work.
  • Be offered at a recognized teaching establishment.

You must have a letter confirming your admission and permitting you to enrol in such a program.

  • Generally, you have to repay 10% of the total amount withdrawn from your RRSP each year of your repayment period, until the full amount is repaid.
  • The start date for the repayments depends on your status as a student.
  • You cannot claim an income tax deduction for repayments to your RRSP.
Other You can use funds from your RRSP for a Lifelong Learning Plan at the same time as a Home Buyers’ Plan (HBP), as long as you are eligible for an HBP.


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