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There's a lifelong learner in all of us.

The Lifelong Learning Plan (LLP) is a Canada Revenue Agency program that lets you withdraw up to $10,000 per year, with a maximum $20,000 in total, from your RRSP to pay for eligible full-time training or education.

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Who’s eligible.1

Full-time students.

Qualifying educational programs.

Designated educational institutions.

Other program requirements.1

  • Enrol before March.

    If you’re not enrolled when you make the withdrawal, you need to enrol in a qualifying educational program by March of the following year.

  • Stay enrolled until April of the following year.

    Unless you've completed the training, you must still be enrolled in the program in April of the year following the withdrawal.

  • Withdraw $10,000 per calendar year. Total limit of $20,000.

    If you withdraw more than your annual limit of $10,000, or more than the total limit of $20,000, you need to report the excess amount on your tax return.

How repayment works.

Repay the loan over 10 years.

Under the program, you repay the amount you withdrew to your RRSP over a period of 10 years.

Check your Statement of Account.

Each year, you'll receive an LLP Statement of Account. This statement shows:

  • your LLP withdrawals;

  • how much you’ve repaid to date;

  • cancellations;

  • what’s been included in your income;

  • your LLP balance; and

  • the amount you have to repay the following year.

If you pay back early or pay back less than the minimum amount.

Any payments you make before the first repayment year will reduce the amount of your first repayment. If the amount of your payment is less than the amount you have to repay, you need to include the difference as income in your income tax return.

Helpful tips and resources.

Your questions answered.

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A dream retirement starts here.

We want to set you up for a long and enjoyable retirement. Our Registered Retirement Savings Plan (RRSP) is the ideal way to build your retirement fund. The best time to start planning and saving is now, so what are you waiting for?

Talk to an advisor