If you and/or your spouse/common-law partner are thinking about going back to school, you can fund it by withdrawing $10,000 annually, up to a $20,000 maximum, from each of your RRSPs.

Once you have finished your studies, you have ten (10) years to redeposit the amount you loaned yourself back into your RRSP account.

For more details on how the plan works, click here to visit the LLP page on the Canada Revenue Agency website.

Views: 2