A1-Global College – Mississauga/Brampton/Milton

LLP

Lifelong Learning Plan

A1 Global College is committed to supporting the continued education of our students. One of the avenues available to finance this education is through the Lifelong Learning Plan offered by the Canada Revenue Agency (CRA).

What is the LLP?

 The Lifelong Learning Plan (LLP) empowers students to withdraw up to $10,000 annually from their RRSPs for financing full-time training or education for themselves or their spouse/common-law partner. However, the program doesn’t cover the education or training of children. The total withdrawal limit under the LLP is $20,000, and participants can make withdrawals until January of the fourth calendar year following their initial LLP withdrawal.

Key LLP Highlights:

  • Participation: Only the individual or their spouse/common-law partner’s education can be financed through LLP. It’s not applicable for children’s education.
  • Withdrawal Limit: Up to $10,000 can be withdrawn in a single calendar year, with a total limit of $20,000.
  • Repayments: Any amounts withdrawn must be repaid to the RRSP under the LLP’s conditions.
  • Cancellation: If a participant is no longer enrolled, leaves the educational program, or becomes a non-resident, certain conditions and deadlines apply.
  • Enrollment Offer: There are specific dates by which a student must have received an offer to enroll in a program to qualify for LLP withdrawals.

Managing Your LLP Account For real-time access to your LLP account balance, use the MyCRA mobile application or log in to “My Account” online.

Required Forms To initiate an LLP withdrawal, you’ll need to complete Form RC96, “Lifelong Learning Plan (LLP) – Request to withdraw funds from an RRSP.”

For more details or assistance on the LLP, we recommend consulting our financial aid office or visiting the Canada Revenue Agency (CRA) website.( https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/lifelong-learning-plan.html)