Funding Your Education with the Lifelong Learning Plan (LLP) (Part 1)

Did you know your RRSP can help you or your spouse/common-law partner go back to school? That's where the Lifelong Learning Plan (LLP) comes in!

What is the LLP? The LLP allows you to withdraw amounts from your Registered Retirement Savings Plan (RRSP), Pooled Registered Pension Plan (PRPP), or Specified Pension Plan (SPP) to finance full-time education or training for yourself or your partner. It's a fantastic way to invest in education without immediately depleting your savings.

It's important to remember that these withdrawals are generally temporary, and you'll need to repay them to your plan over time.

Source: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/lifelong-learning-plan/repayments-your-rrsp-under.html