Special LLP Repayment Situations (Part 5)

While standard repayment rules apply, the Canada Revenue Agency (CRA) also has special provisions for the Lifelong Learning Plan (LLP) in certain situations.

Key Scenarios:

• Death: If the individual who made the LLP withdrawal passes away, there are specific rules on how the remaining LLP balance is handled.

• Becoming a Non-Resident: If you move out of Canada and become a non-resident, special rules will apply to your outstanding LLP balance.

• Reaching Age 71: When you turn 71, your RRSP must generally be converted to a RRIF or used to buy an annuity. Special rules also apply to any remaining LLP balance at this age.

  
  

Always consult the official CRA guidelines for detailed information on these specific circumstances to ensure compliance.

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