What’s in this article?
The Lifelong Learning Plan (LLP) allows you to withdraw amounts from your registered retirement savings plan (RRSP) to finance full-time education for you or your spouse or common-law partner.
To participate in the LLP, you must meet the following conditions:
- You must own an RRSP;
- You have to be a resident of Canada;
- You must be enrolled, or you have received an offer to enrol, on a full-time basis in a qualifying educational program at a designated educational institution, before March of the following year; and
- If you have made an LLP withdrawal in a previous year, your repayment period must not have begun.
On the other hand, if you have a mental or physical disability that prevents you from studying on a full-time basis, you can be enrolled on a part-time basis if you meet all the conditions.
You cannot use an LLP to finance your children’s training or education, or the training or education of your spouse’s or common-law partner’s children.
Follow these steps in H&R Block’s tax software to file your 2015 taxes:
1. Click the PREPARE tab.
2. Click the YOUR YEAR IN REVIEW icon. You will find yourself here:
3. Click the checkbox labelled I contributed to an RRSP/PRPP or have unused contributions.
4. Scroll to the bottom of the page and click Continue.
5. Click the RRSPS & INVESTMENTS icon. You will find yourself here:
6. Under the RRSPS heading, click the checkbox labelled Repayments to the Lifelong Learning Plan (LLP) (Schedule 7).
7. Scroll to the bottom of the page and click Continue.
When you arrive at the Repayments to the Lifelong Learning Plan page, enter your information into the tax software.
- Lifelong Learning Plan (CRA website)