Education - Home Buyers' Plan & Lifelong Learning Plan

The Home Buyers Plan

This plan allows you to withdraw funds from your RRSP to purchase your first home. Here are some of the key facts:

  • You and your spouse can each withdraw up to $25,000.
  • The funds must have been on deposit at least 90 days before you withdraw them.
  • At minimum 1/15 of the funds must be repaid each year, beginning two years after the funds were withdrawn.
  • A signed agreement to buy or build a qualifying home is required.
  • You can only participate in the program once.

For more details see Canada Revenue Agency.

The Lifelong Learning Plan

This plan allows you to pay for training or education with RRSP funds. Here are some of the key facts:

  • You can withdraw up to $10,000 per calendar year to finance full-time training or post-secondary education.
  • The student can be you or your spouse, but not your children.
  • If the student meets disability requirements, then the training/education can be on a part-time basis.
  • The total amount that can be withdrawn is $20,000 with withdrawals over a maximum of four consecutive years.
  • Amounts that are withdrawn are not subject to taxes on withdrawal.
  • At least 10% of the amount borrowed must be repaid each year, over a maximum period of 10 years.

For more details see Canada Revenue Agency.