The Lifelong Learning Plan (LLP) allows you to withdraw amounts from RRSPs to finance training or education
for you or your spouse or common-law partner. You cannot use the RRSP funds to finance your children's training
or education, or the training or education of your spouse or common-law partner's children. (For information on
funding the education/training of your children or grandchildren, see our RESP page.)
To withdraw for the Lifelong Learning Plan, you will need to complete the
Lifelong Learning Plan form (RC96). For this form and further information on the program, see CRA's Lifelong Learning Plan:
You can fax the RC96 form to your ScotiaMcLeod Wealth Advisor, but he/she must receive the originals by mail before a cheque can be issued.
Special notes
There are some things to be aware of when making a Lifelong Learning Plan withdrawal from your RRSP. To free up
cash for your withdrawal, we would have to sell the positions from your current RRSP investment holdings. We can take
funds from a regular and/or a spousal account.
Once the funds have been converted into cash we can issue a cheque. It usually
takes about a week for this type of transaction, but we can speed up delivery of the
funds with instructions for direct deposit to your bank account (there is
a $17 charge to wire to non-Scotia Bank Accounts).
There may be Deferred Sales Charges on the the funds in your account.
We can research this if the initials DSC appear on your fund holdings.
(DSC fees are charged by the Mutual Fund Companies to redeem units prior to their
maturity.)
Please contact your ScotiaMcLeod Wealth Advisor directly for more information or for investment advice tailored to your personal situation.
The information contained on this website is for use by persons resident in Canada only.
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