Yes. Under the Lifelong Learning Plan (LLP) you can withdraw up to $10,000 per year (up to a total of $20,000) 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
- The LLP student (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 you made an LLP withdrawal in a previous year, your repayment period must not have begun
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. Remember, you can’t participate in the LLP if your spouse has already completed the program.
Where can I learn more?
- Repayments to the Lifelong Learning Plan (LLP) (H&R Block Online Help Centre article)