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The Lifelong Learning Plan allows you to pay for training or education with RRSP funds. Here are some of the key facts:
- You can withdraw up to $10,000 per calendar year to finance full-time training or post-secondary education.
- The student can be you or your spouse, but not your children.
- If the student meets disability requirements, then the training/education can be on a part-time basis.
- The total amount that can be withdrawn is $20,000 with withdrawals over a maximum of four consecutive years.
- Amounts that are withdrawn are not subject to taxes on withdrawal.
- At least 10% of the amount borrowed must be repaid each year, over a maximum period of 10 years.
For details see Canada Revenue Agency.
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