Yahoo Canada Web Search

Search results

1. • • 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. It's like giving yourself a loan, but without interest. To apply for the LLP, you fill out the Canada Revenue Agency (CRA) RC96 form and give it to your advisor.
     www.desjardins.com/en/savings-investment/savings-plans/llp.html

     Lifelong Learning Plan (LLP) - Desjardins

2. People also ask

   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

   See all results for this question

   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

   See all results for this question

   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

   See all results for this question

   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 What happens if I fail to repay the amount withdrawn under the lifelong learning plan?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

   See all results for this question

   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

   See all results for this question

   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

   See all results for this question

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

   www.canada.ca › en › revenue-agency

   • Cached

   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.

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

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

   • Cached

   Use this guide if you want information about participating in the Lifelong Learning Plan (LLP). The LLP allows you to withdraw amounts from your registered retirement savings plans (RRSPs) to finance training or education for you or your spouse or common-law partner.

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

   www.canada.ca › en › revenue-agency

   • Cached

   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

   • Cached

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

   www.supermoney.com › lifelong-learning-plan

   • Cached

   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.

8. Videos

   • 

     2:07

     youtube.com

     Module 1 - Part 1 What is Lifelong Learning?

     Apr 3, 2019

     132.6K Views

   • 

     4:23

     youtube.com

     Lifelong Learning - Why You NEED to be a Lifelong Learner

     Sep 13, 2020

     61.9K Views

   • 

     7:48

     youtube.com

     LIFELONG LEARNING PLAN - THE BASICS

     Mar 3, 2020

     3.4K Views

   View all

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

   www.desjardins.com › savings-plans › llp

   • Cached

   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. It's like giving yourself a loan, but without interest. To apply for the LLP, you fill out the Canada Revenue Agency (CRA) RC96 form and give it to your advisor.

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

    www.savvynewcanadians.com › lifelong-learning-plan

    • Cached

    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.