This RESP infographic illustrates details about the government approved Lifelong Learning Plan (LLP) designed to assist Canadians to help pay for additional education to boost long-term earning potential. The LLP allows individuals to withdraw money from their RRSPs to finance full-time training or post-secondary education.
The Lifelong Learning Plan infographic highlights what types of programs can be financed along with qualifying programs. This program is not suitable for financing your child’s education, like an RESP would. The LLP allows for an annual RRSP withdrawal amount of $10,000 per year with a maximum limit of $20,000 over four years.
Qualifying terms and payment terms are highlighted to help navigate this program.