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. You do not have to include the withdrawn amounts in your income, and the RRSP issuer will not withhold tax on these amounts.

Over your repayment period (generally 10 years), you have to repay to your RRSP, PRPP or SPP, the amounts you withdrew under the LLP. Any amount that you do not repay when due will be included in your income for the year it was due.

Related information

• Definitions
  General explanations of the terms the CRA uses for the LLP
• Important dates
  When the student must have enrolled or received a written offer to enroll, and when to make cancellation payments
• Sign in to your CRA account
  Use one of the CRA online services for direct access to your LLP account balance

Related forms and publication

Forms

• RC96 Lifelong Learning Plan (LLP) – Request to Withdraw Funds from an RRSP
  Use this form to make a withdrawal from your Registered Retirement Savings Plan (RRSP) under the Lifelong Learning Plan (LLP)
• RC97 Lifelong Learning Plan (LLP) – Cancellation
  Use this form to request the Canada Revenue Agency (CRA) to cancel your Lifelong Learning Plan (LLP) withdrawal
• RC98 Election to transfer the Home Buyers' Plan (HBP) or Lifelong Learning Plan (LLP) balance at time of death
  Use this form if you (the surviving spouse or common-law partner) were resident in Canada immediately before your spouse's or common-law partner's death, and you are electing to transfer your deceased spouse's or common-law partner's HBP or LLP repayable balance to you

Schedule

• Schedule 7 – RRSP, PRPP, and SPP Contributions and Transfers, and HBP and LLP Activities

Guide

• P105, Student and income tax
  This pamphlet provides detailed tax information for students including the most common income, deductions, and credits available to them