How to Repay Your LLP Withdrawals (Part 2)

If you've used the Lifelong Learning Plan (LLP) to fund your education, understanding how to repay the withdrawals to your RRSP (or PRPP/SPP) is crucial.

The Repayment Rule: Generally, you need to repay 1/10th (or 10%) of the total amount you withdrew each year. This repayment continues over a 10-year period until your LLP balance is fully repaid.

Making Repayments: You make a repayment by contributing to your RRSP (or PRPP/SPP) in the repayment year, or within the first 60 days of the following year. The key is to officially designate these contributions as an "LLP repayment" on your income tax and benefit return. These designated repayments do not count as new RRSP contributions, so you can't deduct them again.

Source: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/lifelong-learning-plan/repayments-your-rrsp-under.html