Lifelong Learning Plan (LLP)
CanadaWithdraw from your RRSP tax-free for full-time post-secondary education (you or your spouse). Max $20,000 total. Repay over 10 years starting the second year after withdrawal. HBP.
First repayment in 2028 · 10 years
- 2028$1,000
- 2029$1,000
- 2030$1,000
- 2031$1,000
- 2032$1,000
- 2033$1,000
- 2034$1,000
- 2035$1,000
- 2036$1,000
- 2037$1,000
Repayments are not tax-deductible. Shortfall is added to taxable income. CRA rules; verify eligibility for full-time education.
About this calculator
The Lifelong Learning Plan (LLP) lets you withdraw money from your RRSP to pay for full-time post-secondary education or training for you or your spouse or common-law partner. You can withdraw up to $20,000 in total (with a maximum of $10,000 per year), and you must repay the amount over 10 years starting the second year after the year of withdrawal. This calculator shows your required annual repayment and the full 10-year schedule.
How it works
Withdrawal: You can withdraw up to $10,000 per year from your RRSP under the LLP, with a total lifetime limit of $20,000 per person. The withdrawal is not taxed when you take it. You or your spouse must be enrolled in qualifying full-time studies at a designated educational institution. Part-time studies may qualify in some cases (CRA rules apply).
Repayment: Repayment starts the second year after the year of withdrawal. The required annual repayment is the total amount withdrawn divided by 10. You have 10 years to repay. Repayments are not tax-deductible. If you do not repay the required amount in a year, the shortfall is added to your taxable income for that year.
The LLP is separate from the Home Buyers' Plan (HBP); you can use both if you qualify. Confirm eligibility and designated programs with CRA and your school.
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