Lifelong Learning Plan
The Lifelong Learning Plan (LLP) is a program in Canada that allows individuals to withdraw funds from their registered retirement savings plans (RRSPs) to finance their education or training. This initiative encourages continuous personal and professional development by making it easier for people to invest in their skills and knowledge.
Participants can withdraw up to $10,000 per year, with a maximum of $20,000 over a lifetime. The funds must be used for eligible educational programs at recognized institutions, such as universities or colleges. Repayment of the withdrawn amounts begins two years after completing the program, promoting a sustainable approach to education financing.