I have a Locked-In RRSP. Can I make an LLP withdrawal?

No. A Locked-In RRSP does not qualify for the LLP. But your Locked-In RRSP may qualify for a partial transfer to a regular RRSP. Beginning in March of 2008, the pension regulations were amended to allow a one-time 50% unlocking of Locked-In RSPs. This might allow 50% of your Locked-In RSP assets to be transferred into a regular RRSP that would, in turn, qualify under the LLP rules.

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’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• I have already withdrawn funds from my RRSP under the Home Buyers’ Plan (HBP).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?
• Where can I go to obtain more details about the LLP?