The Lifelong Learning Plan (LLP) is a program that allows you to borrow up to $20,000 from your RRSP to pay for full or part-time education and training. The maximum that can be withdrawn in any calendar year is $10,000. Please note that an LLP cannot be used to pay for a child's education and that funds must have been in your account for at least three months to qualify.
When submitting a withdrawal request for your RRSP, make sure you indicate "Lifelong Learning Plan" as the reason for your withdrawal! After initiating the withdrawal, you'll receive an email within 24 hours with the necessary paperwork (an RC96E form) we need in order to approve and process the remaining steps of your withdrawal.
For the bottom section of the form, please use Canadian ShareOwner Investments as the RRSP Issuer. This is our brokerage. Their information is as follows:
RRSP Issuer: Canadian ShareOwner Investments Inc.
Address: 241 Spadina Avenue, 3rd Floor, Toronto, ON, M5T 2E2
Phone: (416) 595-9600
Once the paperwork is complete, send it back to us and our support team will review it to make sure everything is in order. Once approved we'll send out your funds within 1-2 business days.
Claiming repayments to an RRSP in relation to an LLP withdrawal
Generally, you must repay a Lifelong Learning Plan withdrawal back to your RRSP within 10 years (For more detailed information, visit here). You do not need to make repayments directly to the RRSP you withdrew from.