Repayments to the Lifelong Learning Plan (LLP)

With the Lifelong Learning Plan (LLP), you can use your registered retirement savings plan (RRSP) to help pay for education or training if you or your spouse or common-law partner would like to further your studies. Under the LLP you can withdraw up to $10,000 per year (up to a total of $20,000) from your RRSP to pay for full-time training or education for you or your spouse.

When the time comes for you to pay back the money you’ve withdrawn under the LLP, you’ll need to report your repayments on your tax return. You have 10 years to repay what you’ve withdrawn. You usually have to repay at least 1/10 of the amount you withdrew each year until it is fully repaid.

You can participate in the LLP if you meet all the following conditions:

  • You’re the owner of an RRSP
  • You’re a resident of Canada
  • You’ve enrolled, or received an offer to enroll, in a qualifying program at an educational institution as a full-time student before March of next year
  • If you’ve made an LLP withdrawal in a previous year, your repayment period must not have begun

Note: You can enroll as a part-time student and use the LLP if you have a mental or physical disability that keeps you from studying full-time and you’ve submitted a signed letter from a medical practitioner to this effect, or you qualify for the disability amount for the year of the LLP withdrawal.

You can’t participate in an LLP:

  • if you’ve already completed your program and are no longer enrolled
  • to help pay for your or your spouse's children’s education or training