Yes, this is called the Lifelong Learning Plan (LLP). You can use it to withdraw up to $10,000 per year from your RRSP – to a maximum of $20,000 over four years – to pay for full-time education or training lasting three consecutive months or more. The LLP’s nice because you don’t have to pay tax on those withdrawals like you would when you make a regular withdrawal from an RRSP.
When your program’s over – or after six years – you’ll need to start paying back the amount you’ve withdrawn. There’s no interest charged on your withdrawal and you’ll need pay the amount back in less than ten years.
If this sounds like a sweet deal, call our Contact Centre at 1.866.863.6237 to discuss it in a little more detail.