-
Stewart Financial Services
- Protecting Your Financial Health
Lifelong Learning Plan (LLP)
The Lifelong Learning Plan allows you to withdraw up to $10,000 in a calendar year from your Registered Retirement Savings Plans (RRSPs) to finance full-time training or education for you, your spouse or common-law partner.
As long as you meet the LLP conditions every year, you can withdraw amounts from your RRSPs until January of the fourth year after the year you make your first LLP withdrawal. You cannot withdraw more than $20,000 in total. Similar to the Home Buyers’ Plan, there is a time limit in which the funds need to be paid back to the RRSP. In the case of the Lifelong Learning Plan, the account holder has 10 years to pay back the borrowed amount.
| To find out more, visit the Canada Revenue Agency site. |
|
|
Contact Stewart Financial Services for more information about LLPs and other Registered Investment opportunities to meet your current and future needs and lifestyle.