7150 Hawthorne Dr. Unit 104
Windsor, ON, N8T 3N3
Phone: (519) 974-6688
Toll Free: +1 866-973-4846
Fax: (519) 974-7192
The LLP allows individuals to withdraw money from their RRSPs to finance full-time training or post-secondary education.
To qualify for the LLP, the student must be enrolled in a qualifying educational program at a designated educational institution. A qualifying educational program must be at least three consecutive months in length, and requires the student to spend at least ten hours per week on the courses or training. A designated educational institute is a university, college or other educational institution that qualifies for purposes of education tax credit.
You can deduct RRSP contributions made in the same year as the LLP withdrawal, on the condition they were made at least 90 days before the withdrawal.
You can withdraw up to $10,000 a year. The maximum total withdrawal is $20,000 over a four-year period. The three year attribution rule on withdrawals from spousal RRSPs does not apply to LLP withdrawals.
You must repay the money to your RRSP over a 10 year period, beginning the earlier of:
Mutual funds are offered through Manulife Securities Investment Services Inc. Insurance products and services are offered through Seguin Financial Group Ltd. Seguin Financial Group is a trade name used for both mutual fund & Insurance business activities. Banking products and services are offered through referral.