RSPs

Lifelong Learning Plan

Using an RSP to pay for education

The Lifelong Learning Plan (LLP) allows you to withdraw amounts from your RSP to finance eligible training or education for you, your spouse or your common-law partner. You do not have to include the withdrawn amount in your income, and there is no withholding tax on these amounts.

You may withdraw up to $10,000 each year under this program for qualified education expenses. The maximum lifetime withdrawal amount is $20,000 over a period of no more than four years.

These withdrawals must be repaid to your RSP over a period of no more than 10 years. Any amount that you do not repay when it is due will be included in your income for the year it was due.

Want more information? Check the Canada Customs and Revenue Agency publication.