LLP (Lifelong Learning Plan)

The Lifelong Learning Plan (LLP) allows you to withdraw up to $10,000 per year from your RRSP (maximum $20,000 total) to finance full-time training or education for yourself or your spouse. Like the HBP, these withdrawals are not taxed at the time — provided you repay the funds on schedule.

To qualify, you or your spouse must be enrolled full-time in a qualifying educational program at a designated institution. The program must be at least 3 months long with at least 10 hours of instruction per week. You cannot use the LLP if you received the funds from an educational assistance payment.

Repayment begins either 2 years after you stop being a full-time student or 5 years after the first LLP withdrawal, whichever comes first. You have 10 years to repay in equal annual instalments. Missed repayments are included in your taxable income for that year.