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?
After you convert your RRSP into a RRIF, you will no longer be allowed to make contributions to your RRSP and you are not permitted to contribute into an RRIF. As a result, prior to converting your RRSP to the RRIF, you can either contribute sufficient funds to your RRSP that will reduce your outstanding LLP balance to zero, or include the outstanding balance in your taxable income.
Related Questions
- 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- I have already withdrawn funds from my RRSP under the Home Buyers’ Plan (HBP).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?