Lifelong Learning Plan (LLP) Statement
If you participated in the Lifelong Learning Plan (LLP), you will see a Lifelong Learning Plan Statement on your notice of assessment or notice of reassessment.
The LLP lets you withdraw amounts from your RRSPs to pay for full-time training or education for you or your spouse or common-law partner.
This statement shows the balance left to repay, and the minimum required repayment for the next year.
We calculate your balance by subtracting the following amounts from the total you withdrew from your RRSP:
- total repayments
- differences included in income
Your minimum required repayment is a portion of the balance you have left to repay. If you pay less than the minimum amount, you will have to include the difference as RRSP income on your return.
For more information on how the LLP works, see Lifelong Learning Plan (LLP).
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