If you qualify, you can "borrow" money from your RRSP to fund your or your spouse/common-law partner's education using the LLP program. However, the funds you withdraw from your RRSP will need to be paid back in the form of RRSP or PRPP contributions designated as LLP repayments. Otherwise, the CRA will add the minimum payment required for the tax year to your income.
For more information on this subject, see the What is Lifelong Learning Plan (LLP): Eligibility & Repayments.
Follow the instructions provided to designate a portion of your RRSP as an LLP repayment:
Designating your contributions
- Select Find (or the magnifying glass icon) in TurboTax.
- Type Lifelong Learning Plan in the Find window, select it from the list, and then select Go.
- Select the box for Designate an amount as a Lifelong Learning Plan repayment on the Lifelong Learning Plan (LLP) Profile step, and then select Continue.
- Follow the instructions on the Details of the Lifelong Learning Plan (LLP) step and then select Continue.
- If you're using TurboTax Desktop, follow the instructions on the Lifelong Learning Plan (LLP) Repayment for 2022 step and then select Continue.
