Registered-plan reference
LLP Values
Lifelong Learning Plan annual withdrawal limit, total withdrawal limit, and repayment-period anchors.
CRA source-linkedAnnual source check
Current snapshot
Lifelong Learning Plan values
Annual withdrawal limit$10,000
Total withdrawal limit$20,000
Repayment period10 years
Context
What this reference means
The Lifelong Learning Plan allows eligible RRSP withdrawals to finance qualifying education or training, with repayment over time rather than immediate tax inclusion when conditions are met.
Reference table
LLP values and repayment anchor
| Item | Rule or base | Amount | Context |
|---|---|---|---|
| Annual withdrawal limit | Maximum LLP withdrawal in a calendar year | $10,000 | CRA states that a spouse or common-law partner can also withdraw up to the annual limit from their RRSPs in the same year where conditions are met. Excess withdrawals are included in income. |
| Total withdrawal limit | Maximum total LLP withdrawal balance | $20,000 | Applies across LLP withdrawals for the participation period. A new participation period can begin after the LLP balance is repaid to zero. |
| Repayment period | Annual repayment schedule | 10 years | CRA repayment timing depends on LLP participation and the person's repayment schedule. Amounts not repaid when due are included in income for that year. |
Notes and assumptions
The LLP allows eligible RRSP withdrawals to finance qualifying training or education for the participant or spouse/common-law partner. Eligible LLP withdrawals are not included in income when made, and the RRSP issuer does not withhold tax. Amounts must generally be repaid over time or included in income under CRA rules.
Official sources