FAQ: Life Long Learning Plan (LLP)
- What is the Lifelong Learning Plan (LLP)?
- If I qualify under the LLP, how much can I withdraw from my RRSP?
- When must the LLP withdrawal be repaid to my RRSP?
- Do I have to pay interest on the LLP withdrawal?
- Do I have to pay income tax on the funds that I withdraw from my RRSP under the LLP?
- What are the education requirements for the LLP?
- What is a "qualifying educational program?"
- What is a "qualifying educational institution?"
- What do I need to qualify?
- Can I use my LLP to help my spouse go back to school?
- Can I use the LLP to help finance my children or grandchildrens' education?
- What education costs qualify for payment through the LLP?
- How do I apply to participate in the LLP?
- Will the financial institution that administers my RRSP account deduct any withholding tax from my LLP withdrawal?
- What if I am 71 years of age next year. Can I still apply?
- Are my allowable RRSP contributions and deductions impacted by my LLP withdrawal?
- Is there a limited number of times I or my spouse/common-law partner can use the LLP?
- Can I make an LLP withdrawal to support my spouse or common-law partner at the same time that they make an LLP withdrawal from their RRSP?
- I have more than one RRSP account. Under the LLP, can I withdraw funds from more than one RRSP account?
- When do I start to repay the LLP withdrawal?
- How do I repay the LLP withdrawal?
- What if I currently do not have sufficient income and do not file an annual T1 Income Tax Return, how do I record my LLP repayment?
- What if I want to repay my LLP withdrawal earlier?
- What if I want to pay less than the annual minimum one year?
- Will the Canada Revenue Agency keep track of my outstanding LLP balances?
- What happens if I die before fully repaying the LLP withdrawal?
- What if I become a non-resident after my LLP withdrawal?
- I'll be 71 years old next year and I am required to convert my RRSP into a Registered Retirement Income Fund (RRIF). How do I make my annual LLP repayments?
- I have already withdrawn funds from my RRSP under the Home Buyers' Plan (HBP). Can I still withdraw funds under the LLP?
- I have a Locked-In RRSP. Can I make an LLP withdrawal?
- Where can I go to obtain more details about the LLP?
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