When Does Your LLP Repayment Period Begin? (Part 3)

Understanding the timeline for your Lifelong Learning Plan (LLP) repayments is important for managing your finances.

Starting the Clock: The repayment period usually begins in the fifth year after your first LLP withdrawal. However, it can start earlier if the student benefiting from the LLP withdrawal doesn't maintain their qualifying student status.

So, while the LLP offers flexibility for education, keep an eye on when your repayment obligations start to ensure you're ready!

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