What is the maximum amount a person can withdraw from an RRSP under the Lifelong Learning Plan per year?

Under the Lifelong Learning Plan (LLP) in Canada, individuals can withdraw funds from their Registered Retirement Savings Plan (RRSP) to finance their education. The maximum amount that a person is allowed to withdraw per year is $10,000. This limit allows individuals to access their RRSP savings for educational purposes, enabling them to enhance their skills or pursue new careers without immediate tax consequences.

The LLP is designed to provide financial flexibility for education-related expenditures, and the structure promotes lifelong learning. Furthermore, each individual can withdraw a total of up to $20,000 over the span of the LLP, but the yearly withdrawal limit remains at $10,000. This framework encourages individuals to invest in their education while maintaining the integrity of their retirement savings.