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   What is a Lifelong Learning Plan (LLP)?

   • The Lifelong Learning Plan (LLP) allows you to withdraw up to $10,000 in a calendar year from your RRSPs to finance full-time training or education for you or your spouse or common-law partner.

   Lifelong Learning Plan - Canada.ca

   www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/lifelong-learning-plan.html

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   Can I withdraw from the Lifelong Learning Plan?

   • Yes, the lifelong learning plan permits withdrawals for both full-time and part-time education or training programs, as long as they meet the eligibility criteria set forth by the Canadian government. Is there a maximum number of times I can utilize the lifelong learning plan?

   Lifelong Learning Plan: What It Is, Eligibility, Pros & Cons

   www.supermoney.com/encyclopedia/lifelong-learning-plan

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   What are the limits on a lifelong learning plan?

   • Limitations include a $10,000 annual withdrawal limit and a maximum repayment period of 10 years. The Lifelong Learning Plan is part of Canada's RRSP and nominally a retirement savings plan, to which policyholders, spouses, and CLPs can contribute deductible amounts that can be used to reduce their tax burden.

   Lifelong Learning Plan: What It is, Pros and Cons - Investopedia

   www.investopedia.com/terms/l/lifelonglearningplan.asp

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   Can a lifelong learning plan be used for children?

   • No, the lifelong learning plan is only available for the account holder, their spouse, or common-law partner. It cannot be used to finance the education of children or other family members. What happens if I fail to repay the amount withdrawn under the lifelong learning plan?

   Lifelong Learning Plan: What It Is, Eligibility, Pros & Cons

   www.supermoney.com/encyclopedia/lifelong-learning-plan

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   Who qualifies for a lifelong learning plan?

   • To qualify for the lifelong learning plan, individuals must meet certain criteria: They must be Canadian residents. The funds must be withdrawn for full-time education or training for themselves, their spouse, or common-law partner. The educational institution or program must be designated as eligible by the Canadian government.

   Lifelong Learning Plan: What It Is, Eligibility, Pros & Cons

   www.supermoney.com/encyclopedia/lifelong-learning-plan

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   Does a lifelong learning plan affect retirement savings?

   • While the lifelong learning plan provides a valuable avenue for education financing, participants must consider its potential impact on their long-term retirement savings. Withdrawing funds from an RRSP reduces the amount available for investment growth, potentially impacting retirement income in the future.

   Lifelong Learning Plan: What It Is, Eligibility, Pros & Cons

   www.supermoney.com/encyclopedia/lifelong-learning-plan

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2. www.canada.ca › en › revenue-agencyLifelong Learning Plan - Canada.ca

   www.canada.ca › en › revenue-agency

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   The Lifelong Learning Plan (LLP) allows you to withdraw up to $10,000 in a calendar year from your RRSPs to finance full-time training or education for you or your spouse or common-law partner.

3. www.canada.ca › rc4112 › lifelong-learning-planLifelong Learning Plan (LLP) - Canada.ca

   www.canada.ca › rc4112 › lifelong-learning-plan

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   This guide provides information for individuals who want to return to school and want to make withdrawal from their Registered Retirement Savings Plan (RRSP) under the Lifelong Learning Plan (LLP).

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     Lifelong Learning - Why You NEED to be a Lifelong Learner

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5. www.canada.ca › en › revenue-agencyParticipating in the Lifelong Learning Plan - Canada.ca

   www.canada.ca › en › revenue-agency

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   Eligibility requirements for the Lifelong Learning Plan (LLP) If you are an RRSP annuitant and a resident of Canada, you can usually participate in the LLP to withdraw funds from your RRSPs for your own or your spouse's or common-law partner's education.

6. www.investopedia.com › l › lifelonglearningplanLifelong Learning Plan: What It is, Pros and Cons - Investopedia

   www.investopedia.com › l › lifelonglearningplan

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   Apr 23, 2022 · The Lifelong Learning Plan (LLP) gives you an interest-free loan from your RRSP, or from your spouse’s RRSP, up to $10,000 a year (to a maximum of $20,000 in total, or $40,000 in total if both...

   • Author: Julia Kagan

7. www.desjardins.com › savings-plans › llpLifelong Learning Plan (LLP) - Desjardins

   www.desjardins.com › savings-plans › llp

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   What is a Lifelong Learning Plan (LLP)? The Lifelong Learning Plan (LLP) lets you make a tax-free withdrawal from your RRSP to go back to school. You have 10 years to pay this money back.

8. www.supermoney.com › lifelong-learning-planLifelong Learning Plan: What It Is, Eligibility, Pros & Cons

   www.supermoney.com › lifelong-learning-plan

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   Mar 17, 2024 · The Lifelong learning plan (LLP) is a provision within the Canadian registered retirement savings plan (RRSP) that permits tax-free temporary withdrawals of up to $20,000 to finance education for the account holder, spouse, or common-law partner.

9. www.savvynewcanadians.com › lifelong-learning-planWhat You Need To Know About The Lifelong Learning Plan

   www.savvynewcanadians.com › lifelong-learning-plan

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   Sep 7, 2023 · The Lifelong Learning Plan is a government program that allows you to withdraw money from your RRSP to pay for full-time education or training. You can withdraw up to a maximum of $10,000 per calendar year and a total of $20,000 through the program.