Repayments to your RRSP under the LLP

When you withdraw funds from your RRSP under the LLP, you have up to 10 years to make repayments to your RRSPs. Usually, each year you have to repay 1/10 of the total amount you withdrew until the full amount is repaid. You do not have to pay any interest on the amounts you withdrew.

A repayment is a contribution to your RRSP that you designate on Schedule 7 of your tax return as a repayment under the LLP. You can make the repayment to an existing RRSP or to a new RRSP. The RRSP issuer will give you an official receipt for the contribution. You have to send us a return even if you do not owe any tax.

Note
You have to make your repayments to your RRSPs even if your RRSP deduction limit is zero or a negative amount. We do not consider an amount you designate as a repayment under the LLP to be an RRSP contribution. Therefore, you cannot claim a deduction for this amount on your return.

Forms and publications

• Guide RC4112, Lifelong Learning Plan (LLP)