Important information about Lifelong Learning Plan or LLP rules.
The Lifelong Learning Plan (LLP) allows for you to remove funds from your Registered Retirement Savings Plan (RRSP) to pay for qualified education expenses for yourself, spouse, or common law partner.
ALL of the following conditions must apply:
- The student must be a full-time student (or a part-time student if he or she meets the disability conditions).
- You (the RRSP owner) have to be a resident of Canada.
- The student has to enroll in a qualifying educational program at a designated educational institution.
- The participation in the Lifelong Learning Plan (LLP) has to be done before the end of the year the student reaches the age of 71 years old.
You cannot use the LLP to finance education or training expense of your children.
There are many rules and conditions for participating in the LLP. We suggest you refer to LLP Guide RC4112:
- Deductions, Credits, & Rebates
- Provincial Parental Insurance Plan (PPIP)
- Canada Workers Benefit (CWB)
- Medical Expenses
- Employment Insurance (EI)
- GST/HST Credit
- Meal Expenses
- Vehicle Expenses
- Business Tax Deductions & Business Expenses
- GST/HST New Housing Rebate
- Registered Education Savings Plan (RESP)