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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 a day 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 info, see the What is Lifelong Learning Plan (LLP): Eligibility & Repayments.

Follow these instructions to designate a portion of your RRSP as an LLP repayment:

  1. Answer the initial Personal info and Tax profile interview questions if you haven't already. This unlocks the Tax home screen.
  2. From the Tax home screen, under Add to your return, enter registered and select Registered Savings Plan Profile.
  3. At the Your registered savings plan profile screen, check the boxes for:
    • Made RRSP contributions during 2024 or the first 60 days 
    • Repayment or withdrawals for the Lifelong Learning Plan (LLP) 

and continue.

  1. Complete the screens to record your RRSP contribution and continue.
  2. At the Lifelong Learning Plan (LLP) Profile screen, check the box for Designate an amount as a Lifelong Learning Plan repayment and continue.
  3. At the Details of the Lifelong Learning Plan (LLP) screen, enter the amounts from your CRA  Statement of Account - Lifelong Learning Plan you are designating as LLP repayment, and then continue.
  4. At the Here’s your registered savings plan summary screen, review your RRSP contribution and LLP repayment amounts.
  1. Complete the Introduction/Profile steps of your return until the Find button appears in the menu.
  2. After entering your RRSP contribution(s), select the Find icon, enter Lifelong in the search bar, select Lifelong Learning Plan, and select Go.
  3. At the Lifelong Learning Plan (LLP) Profile screen, check the box for Designate an amount as a Lifelong Learning Plan repayment and continue.
  4. At the Details of the Lifelong Learning Plan (LLP) screen, enter the amounts from your CRA  Statement of Account - Lifelong Learning Plan you are designating as LLP repayment, and then continue.
  5. At the Registered savings plans summary screen, review your RRSP contribution and LLP repayment amounts.

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