Lifelong Learning Plan
Definition of 'Lifelong Learning Plan'A provision applicable to the Canadian Registered Retirement Savings Plan (RRSP). The plan allows RRSP contributors a non-taxable temporary withdrawal of up to $20,000 from their accounts in order to finance their education or that of their spouse. The provision is subject to limitations, such as a $10,000 annual withdrawal limit and a maximum repayment period of 10 years, after which the ability to recontribute the borrowed sum is lost. |
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Investopedia explains 'Lifelong Learning Plan'Similar to the Canadian government's Home Buyer's Plan, this provision is intended to allow Canadians to finance their education without losing the benefits of tax-deferral in building their retirement nest egg. |
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