RRSP Lifetime Learning Plan
If you are planning to go back to school and have a Registered Retirement Savings Plan (RRSP), you may want to consider the Government of Canada’s RRSP Lifelong Learning Plan (LLP):
- The RRSP LLP allows you to withdraw up to $10,000 a year from your RRSPs to finance full-time training or education for you or your spouse/common-law partner.
- You cannot withdraw more than $20,000 in total, or $40,000 in total if both members of a couple are going back to school.
- You cannot use the LLP to finance your children’s education.
- If you are a disabled student, you may qualify for part-time studies using the LLP.
Students should research and consider current and future tax implications before accessing the RRSP Lifelong Learning Plan.
Visit the Canada Revenue Agency website for full details about the plan: