RRSP Lifelong Learning Plan Explained

RRSP Lifelong Learning Plan (LLP) by: Beaver Finance

In this video we will take a look at the RRSP Life Long Learning Plan. Check out the video to learn more.

RRSP Withdrawals: Before you go back to School, Consider the Registered Retirement Savings Plan Lifelong Learning Plan (LLP).

Definition:

You and your spouse each can borrow up to $20,000 from your RRSPs to pay for full-time or part-time education or training expenses under the Government’s Lifelong Learning Plan (LLP).

The maximum you can take out in any given year $10,000. You won’t be any tax on the money as long as you pay it back over a period of 10 years.

CRA Link to RRSP LLP: https://www.canada.ca/en/revenue-agen…

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*Disclaimer: This content is intended to be for educational purposes only. Please seek out professional advice from an advisor, accountant or legal professional.