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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.


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