What is the Lifelong Learning Plan?

You can’t use the LLP with certain types of RRSPs, including a locked-in RRSP, pooled registered pension plan (PRPP) or specified pension plan (SPP). However, the Canada Revenue Agency (CRA) says “you can designate your PRPP and SPP contributions as an LLP repayment.”

Who can use the Lifelong Learning Plan?

To use the LLP, you must have an RRSP, you must live in Canada, and you (or your spouse) must be enrolled, or have received an offer to enroll, in a full-time qualifying program at a designated educational institution. Only Canadians who meet one of the LLP’s disability conditions may use the program for part-time studies.

How much can you borrow with the Lifelong Learning Plan?

You can borrow up to $10,000 in a calendar year, and up to $20,000 in total. As long as you continue to meet the LLP eligibility requirements, you can keep withdrawing money each year until January of the fourth calendar year after the first year you made an LLP withdrawal. For example, if you make your first LLP withdrawal in 2025, you can make your last withdrawal in January 2029.

How do you make an LLP withdrawal?

To withdraw money for the LLP, fill out Form RC96, Lifelong Learning Plan (LLP) Request to Withdraw Funds from an RRSP, and submit it to your RRSP issuer. Each withdrawal requires another form.

When do you have to pay back your RRSP?

You have 10 years to repay your RRSP, PRPP or SPP (10% per year, returned in the repayment year or in the first 60 days of the next year). The CRA says: “The latest year 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.” To find out when, check the CRA’s chart for LLP repayments.  

Can you use the LLP for a child’s education?

No, you can’t use the LLP to finance an education for your children or your partner’s children. Consider opening a registered education savings plan (RESP), which offers tax-deferred growth and government grants while you save.

Can you use the LLP more than once?

Yes, you can participate in the LLP as many times as you like, withdrawing up to $20,000 each time, but you must fully repay your RRSP in between. You can participate in the LLP the year after you bring your balance back to $0.

Get more details about the Lifelong Learning Plan from the Government of Canada.

Example: After 20 years of working in construction, Roberto decided to go back to school to upgrade his skills. After he was accepted into a full-time program at a college in Alberta, he withdrew funds from his RRSP through the Lifelong Learning Program to pay his tuition.

Read more about RRSPs:

• What’s my RRSP contribution limit?
• “We’re set for life. Should we cash out an RRSP?”
• TFSA vs RRSP: How to decide between the two
• How do the RRSP contribution carry-forward rules work?

About MoneySense Editors

MoneySense editors and journalists work closely with leading personal finance experts in Canada. Since 1999, our award-winning magazine has helped Canadians navigate money matters.

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