What is a Lifelong Learning Plan (LLP)?
The Lifelong Learning Plan (LLP) allows you to withdraw amounts from RSPs to finance training or education for you or your spouse or common-law partner. You cannot use the RSP funds to finance a child’s education, such as your child or the child of your spouse or common-law partner. You can make withdrawals from more than one RSP as long as you are the annuitant (plan owner) of each RSP. Your RSP issuer will not withhold tax on these amounts. Although the maximum amount that you can withdraw is $20,000, there is an annual limit of $10,000. There is no limit on the number of times you can participate in the plan over your lifetime. Starting in the year after you bring your balance to zero, you can participate in the LLP again and withdraw up to $20,000 over a new qualifying period. Generally, you will not be allowed to withdraw funds from your locked RSP. You do not have to include eligible withdrawals in your income when you withdraw funds from your RSP under the LLP; however, you must
