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How do I designate my RRSP/PRPP contributions as repayment of my Lifelong Learning Plan (LLP) in TurboTax?
by TurboTax• Updated 10 months ago
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:
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