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Lifelong Learning Plan (LLP)

The Lifelong Learning Plan (LLP) allows you to withdraw up to $10,000 per calendar year, to a maximum of $20,000, from your RRSP to finance full-time education or training for yourself or your spouse or common-law partner. You cannot use the LLP to fund education for your children or your spouse's/common-law partner’s children. LLP withdrawals are not taxed as long as you follow the repayment rules, which typically require you to repay the amount over 10 years. You can make LLP withdrawals until the end of January of the fourth year after your first withdrawal, provided you meet the conditions each year.

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We can help you with your Lifelong Learning Plan (LLP) participation:

  • Confirm your LLP eligibility and ensure your RRSP is properly set up to participate
     

  • Guide you through the LLP withdrawal process, including completing Form RC96 and understanding withdrawal limits and timelines
     

  • Help you plan around education timelines to avoid penalties—such as if you're not enrolled, leave the program early, or become a non-resident
     

  • Assist in cancelling or correcting LLP withdrawals, if your education plans change
     

  • Create a personalized LLP repayment strategy to stay on track with CRA repayment rules and avoid taxable income
     

  • Coordinate LLP participation with other goals, such as retirement or first-home savings, to ensure overall financial balance

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