Lifelong Learning Plan For Instrument Rating?

[Jet B]

Does anyone know if an instrument rating from a helicopter flight school would qualify to use the Canada Lifelong Learning Plan so I could use my RRSP money to fund the training?

 

For anyone that has never heard of it, it is similar to the home buyers plan where you can borrow from your RSP without paying tax and pay it back to yourself over 10 years.

 

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/llp-reep/menu-eng.html

 

If nobody has done this or knows if it's applicable, I will look at calling Revenue Canada to find out.

[Hazy]

I used the LLP for my night rating. It was easy and the school has to qualify. Talk to the school and the bank to find out if they qualify or call RC and they can tell you as well. Up to 10,000 a year to a max of 20,000. Cheers

[Jet B]

Hey, thanks for that info. That is just what I was hoping to hear.

 

Cheers.

 

I will have a chat with the school and the bank when I'm closer to being ready for it.

[woopyjumper]

Does anyone know if an instrument rating from a helicopter flight school would qualify to use the Canada Lifelong Learning Plan so I could use my RRSP money to fund the training?

 

For anyone that has never heard of it, it is similar to the home buyers plan where you can borrow from your RSP without paying tax and pay it back to yourself over 10 years.

 

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/llp-reep/menu-eng.html

 

If nobody has done this or knows if it's applicable, I will look at calling Revenue Canada to find out.

 

 

Are you done with it ? yes you can use your LLP towards your IFR rating. I did it, and it worked just fine.

 

cheers.