Who can participate in the LLP?

To participate in the LLP, all of the following conditions must apply:

  • You must own an RRSP.
  • The student is enrolled or has received an offer to enrol before March of the following year:
    • on a full-time basis
    • the student must enrol in a qualifying educational program;
    • is enrolled at a designated educational institution.
  • You (the RRSP owner) have to be a resident of Canada.
  • If you have made an LLP withdrawal in a previous year, your repayment period must not have begun.

All four conditions must be met. However, if the LLP student meets one of the disability conditions, he or she can be enrolled on a part-time basis. For more information see, Part-time basis student.

If the LLP student is not already enrolled in a program, the student must have received a written offer from a designated educational institution to enrol before March of the year after you withdraw funds from your RRSPs. A conditional written offer is acceptable.

You cannot participate in the LLP if the student has already completed the program and is no longer enrolled.

If a condition is not met while you are participating in the plan, your RRSP withdrawal will not be considered eligible. You will have to include the RRSP withdrawal as income on your income tax and benefit return for the year you received the funds.

If you meet the conditions for participating in the LLP when you make a withdrawal from your RRSP, you can do the following:

  • Participate in the plan as many times as you wish over your lifetime. Starting the year after you bring your LLP balance to zero, you can participate in the plan again.
  • Participate in the LLP at the same time as your spouse or common-law partner.
  • Participate in the LLP even if you have withdrawn amounts from your RRSP under the Home Buyers' Plan (HBP) that have not been fully repaid.

Forms and publications

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