Ottawa Investment Advisor John Bruce

Lost Your Job in The Recent Recession?

April 16, 2010

Look To The Lifelong Learning Plan (LLP)

With the recession in Canada lessening and a recovery starting to take hold, many people I have met and talked to have told me of friends and relatives that have lost their job for one reason or another. In some cases, especially in the high technology and manufacturing sector, these jobs might not return at all, and to wait around to see if they do, may only frustrate an already disturbing experience.

Having owned an Executive search Business in the 90’s, I was always amazed at seeing how when people lose a job that they really do not enjoy , they seem to seek out another one in the same capacity, only to rediscover the things they disliked in their old job all over again. This can be summed up in two words- “Comfort Zones”. Better the Devil they know then the Devil they don’t.

Many people are not aware that if they wanted to go back to school or re-educate to go into a new vocation, that they can use up money that they have saved in their RRSP. This is called the Lifelong Learning Plan (LLP). Generally, you will not be allowed to withdraw funds from locked-in RSP’s.

Although the maximum amount that you can withdraw is $20,000, there is an annual limit of $10,000. There is no limit on the number of times you can participate in the plan over your lifetime. Starting the year after you bring your balance to zero, you can participate in the LLP again and withdraw up to $20,000 over a new qualifying period.

The following link will take you to the Canada Revenue Agency website that explains it.

John S. Bruce
Ottawa Investment Advisor
Also licensed in ON, BC, AB, QC, NS
Mackie Research Capital
Direct Line- 613-425-3732
Toll Free- 866-860-4190

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