|
|
Home Immigrant Stories Culture Message Board Marketplace Forums Blogs |
Registered Retirement Savings Plan LLP
RRSP Lifelong Learning Plan
The government of Canada is encouraging Canadians
to go back to school, or continue to upgrade their education by setting
up the LLP program. According to the latest statistics, more than
88,000 Canadians took advantage of this program in 2006, with a yearly
withdrawal averaging $5,600.The Lifelong
Learning Plan (LLP) allows you to withdraw amounts from
RRSPs to finance training or education for you or your
spouse or common-law partner. You cannot use the RRSP
funds to finance your children's training or education,
or the training or education of your spouse or
common-law partner's
children.
You
can make withdrawals from more than one
RRSP as long as you are the annuitant
(plan owner) of each RRSP. Your RRSP
issuer will not withhold tax on these
amounts. Although the maximum amount
that you can withdraw is $20,000, there
is an annual limit of $10,000. There is
no limit on the number of times you can
participate in the plan over your
lifetime. Starting the year after you
bring your balance to zero, you can
participate in the LLP again and
withdraw up to $20,000 over a new
qualifying period.
The LLP program started in 1999. Here
are the eligibility requirements:
- you must be a resident of Canada
- you must be enrolled as a full-time
student in a qualifying educational
program at a designated educational
institution.
|
|
Home
Immigrant Stories
Resources
Education
Relationships
Travel
Special Features
About us Terms of Use
Advertise with us
Contact us
Copyrights 2007-2008
Tangleberry Media Ltd.