Can I withdraw money from my RRSP under the Lifelong Learning Plan (LLP) for my spouse?

Under the Lifelong Learning Plan (LLP) you can withdraw up to $10,000 per year from your RRSP to pay for full-time training or education for you or your spouse or common-law partner. Unfortunately, you can’t participate in the LLP to pay for your children’s or your spouse’s children’s education.

In order to participate in the program, you or your spouse must meet all of the following conditions:

  • You have an RRSP
  • You’re a resident of Canada and
  • You or your spouse is enrolled (or has received an offer to enroll before March of the following year):
    • as a full-time student*
    • in a qualifying educational program and
    • at a designated educational institution

If any of the above conditions is not met while you’re participating in the program, your RRSP withdrawal won’t be considered eligible and you’ll need to include the withdrawal amount as income on your return for the year you received the funds.

*Note: If the LLP student meets one of the disability conditions, he or she can be enrolled as a part-time student.

Where can I learn more?

Was this article helpful?
0 out of 2 found this helpful