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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 The funds must be withdrawn for full-time education or training for themselves, their spouse, or common-law partner.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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   What is a Lifelong Learning Plan (LLP)?

   • 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.

   Lifelong Learning Plan (LLP) - Canada.ca

   www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4112/lifelong-learning-plan.html

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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 What happens if I fail to repay the amount withdrawn under the lifelong learning plan?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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   Can the Lifelong Learning Plan help you start the next chapter?

   • Find out how the Lifelong Learning Plan (LLP) can help you start the next chapter in your life. 1. The ABCs of the LLP Perhaps you’ve already heard of the Home Buyers’ Plan—the government program that lets you make tax-free withdrawals from your RRSP to buy or build your first home.

   Lifelong Learning Plan: Your guide to going back to school

   www.desjardins.com/en/tips/lifelong-learning-plan-guide.html

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   How many times can I use the Lifelong Learning Plan?

   • No, there is no limit on the number of times you can utilize the lifelong learning plan, provided you have repaid the previous withdrawals in full before making new withdrawals. This flexibility allows for ongoing education financing opportunities. The lifelong learning plan allows tax-free withdrawals from RRSPsto finance education.

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

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

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

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

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   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.

3. 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.

4. Videos

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     LIFELONG LEARNING PLAN - THE BASICS

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     Module 1 - Part 1 What is Lifelong Learning?

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     Lifelong Learning Essentials - How to be a Lifelong Learner

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5. 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...

   • Author: Julia Kagan

6. 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 · Who is Eligible for the Lifelong Learning Plan. To be eligible, you must: Own an RRSP account and be a resident of Canada. Be a full-time student (or part-time if you have a disability) Enroll in a qualifying educational program at a designated educational institution. Other things to note: You have up to 10 years to pay back the LLP to your RRSP.

7. www.canada.ca › en › revenue-agencyRC4112 Lifelong Learning Plan (LLP) - Canada.ca

   www.canada.ca › en › revenue-agency

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   Sep 19, 2023 · 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).

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.desjardins.com › en › tipsLifelong Learning Plan: Your guide to going back to school

   www.desjardins.com › en › tips

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   Aug 11, 2023 · Who’s eligible for the LLP? To qualify for the LLP and go back to school with financial peace of mind, you must: Have an RRSP. Be a Canadian resident. Be enrolled full-time in a qualifying educational program. Spend 10 hours or more per week on courses or work in a program that lasts at least 3 consecutive months.