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What’s the RRSP Lifelong Learning Plan (LLP)?

Posted by on Feb 10, 2015 in BrighterLife, Retirement | 0 comments

Whether you want to enhance your existing credentials or embrace a new career, the Registered Retirement Savings Plan Lifelong Learning Plan (RRSP LLP) can help you pay for the education or training you need.

The LLP lets you withdraw up to $10,000 per year to a maximum of $20,000 tax-free from your RRSP for you or your spouse to pay for a full-time program (or a part-time program, if the student is disabled). You can’t use the program to finance your children’s post-secondary education, though — that’s the function of the Registered Education Savings Plan (RESP).

Whether the program you select is considered full-time depends how the educational institution you are enrolled at characterizes your participation. However, because you can take courses by correspondence or through a distance education program, you could conceivably be deemed a full-time student even if you continue to work full- or part-time.

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