Can I take money out of my RRSP for school?

Yes, if you meet the criteria for the Lifelong Learning Plan, you can borrow money from your RRSP for school, tax-free. While you can also withdraw from your RRSP without the LLP, you will need to pay taxes on your withdrawals.

What is an alternative to borrowing from RRSP for Lifelong Learning Plan?

Alternatives to borrowing from your RRSP for a Lifelong Learning Plan include using your general savings in your Tax-Free Savings Account (TFSA), getting a loan from family and friends, or getting a student loan from the bank.

Adeola Ojierenem

Adeola is a Chartered Accountant and business finance professional. She is very passionate about financial literacy and education. When she’s not crunching numbers, she loves spending time with family.