RRSP Lifelong Learning Plan

Looking to start a new career or enhance your existing one? The Registered Retirement Savings Plan - Lifelong Learning Plan (RRSP - LLP) can help you get there by using your RRSP account. LLP is another benefit offered to RRSP account holders. This plan allows you to withdraw up to $10,000 per year to a maximum of $20,000 tax-free out of your RRSP to finance a qualifying training or educational program for both yourself and your spouse/common-law partner.

  • SwitchArrow Participating in the Lifelong Learning Plan

    To participate in the LLP, you must meet all of the conditions prior to applying:
    1. You must have an RRSP account
    2. The participant is enrolled or received an offer to enroll in a designated educational institution before March of the following year
    3. Must enroll in a qualifying educational program
    4. The program must be full-time (unless the person is disabled. See below for more information)
    5. The RRSP account holder must be a resident of Canada
    6. If you have made an LLP withdrawal in a previous year, your repayment period must not have begun

    If the LLP student meets one of the disability conditions, she or he can be enrolled on a part-time basis. For more information see, part-time basis student. Otherwise, all other conditions must be met.

  • SwitchArrow Withdrawing funds under the LLP

    To request an LLP withdrawal, you will need to complete and return:
    1. LLP Withdrawal Form LLP form RC 96 (PDF)
    2. Letter of Direction with instructions to withdraw funds LIFELONG LEARNING PLAN (LLP) RRSP WITHDRAWAL REQUEST (PDF).
    3. Void cheque or stamped direct deposit form

    While the Letter of direction and Void cheque/Direct deposit form can be uploaded online through the Questrade customer portal, the LLP form must be physically mailed to Questrade.

    Questrade Inc.
    North American Centre
    5700 Yonge Street, Unit G1 – Ground Floor
    North York, ON M2M 4K2 Canada

    Once all of the required documents (original LLP form and LOD) have been received by Questrade, we’ll begin processing your request.

  • SwitchArrow RRSP LLP repayments

    You have up to 10 years to make repayments to your RRSP. Typically, every year you’re required to pay 1/10 or 10% of the total amount withdrawn until the amount is paid in full.

    The latest year in which you can start repaying your LLP withdrawals is the fifth year after your first LLP withdrawal. However, in most cases, you have to start repaying your withdrawals before that year.

    The Canada Revenue Agency (CRA) will send you an LLP Statement of Account each year. The statement will outline the amount withdrawn, your LLP balance, the amounts you have repaid to date, the amount you have to repay the next year, and more. You can also view your LLP statement online.

  • SwitchArrow Important to know

    1. Participate in the plan as many times as you wish over your lifetime. Starting the year after you bring your LLP balance to zero, you can participate in the plan again(PDF)
    2. Participate in the LLP even if you have withdrawn amounts from your RRSP under the Home Buyers' Plan (HBP) that have not been fully repaid
    3. You can participate in the program as many times as you wish over your lifetime, provided you have fully paid back previous LLP withdrawals. You can also participate in the LLP at the same time as your spouse; if you do so, the family withdrawal maximum will total $40,000
    4. You can’t use the program to finance your children’s post-secondary education,— that’s the function of the registered education savings plan (RESP).
    5. The program is designed for full-time study only for both the account holder and the partner unless you meet one of the disability conditions, where you can qualify for part-time studies.

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