Send a request to withdraw funds to your RRSP issuer
Fill out Form RC96, Lifelong Learning Plan (LLP) - Request to Withdraw Funds From an RRSP, for each RRSP withdrawal that you make. After completing Part 1, give the form to your RRSP issuer, who will complete Part 2. Your RRSP issuer will not withhold tax from the funds you withdraw if you meet the LLP conditions.
- If you do not have an RRSP, you cannot set one up and then make a withdrawal right away. The contribution has to be in the RRSP for 90 days before you can deduct it from your income on your tax return.
- If you have an RRSP and you withdraw funds within 89 days of your contribution, you may not be able to deduct the full contribution from your income. To determine if part of the contribution is not deductible for any year, use the appendix in the LLP guide.
You can withdraw up to a total of $20,000 from you RRSPs.
- Annual limit: $10,000
- Total plan limit: $20,000
You can participate in the LLP for yourself while your spouse or common-law partner participates in the LLP for him or herself. You can both participate in the LLP for one of you or you can participate in the LLP for each other. Each of you can withdraw up to the annual LLP limit of $10,000 in a year, and up to the total LLP limit of $20,000 over the period you are participating in the LLP.
The amount you withdraw is not limited to the amount of your tuition or other education expenses.
You can keep withdrawing amounts from your RRSPs until January of the fourth year after the year you made your first withdrawal, as long as you meet the qualifying LLP conditions every year.
You cannot withdraw more than $20,000 each time you participate in the LLP. This is your total plan limit. You can participate in the plan again, starting the year after you repay your RRSP withdrawals, so that the balance you owe is zero.
If you withdraw more than the annual limit of $10,000, you must include the excess in your income for the year of the withdrawal. The excess does not reduce your total plan limit of $20,000.
If you withdraw more than the total plan limit of $20,000, you must include the excess in your income for the year you exceed the total limit.
Your RRSP issuer will send you a T4RSP, Statement of RRSP Income, showing the amount you withdrew under the LLP.
Completing your tax return
Starting in the year you make your first LLP withdrawal, you must send us a completed return every year until you have repaid all LLP withdrawals or included them in your income. You have to send us a return even if you do not owe any tax. Attach to your return the T4RSP slips that your RRSP issuer sends to you for your LLP withdrawals.
Complete Schedule 7, RRSP Unused Contributions, Transfers, and HBP or LLP Activities, to show your total LLP withdrawals and repayments for the year. Attach Schedule 7 to your return.
Forms and publications
