To report your LLP repayments in Wealthsimple Tax:

1. Add the RRSP Contributions & Deduction section to your tax profile
2. First, report your RRSP contributions in this section
3. Then, in the Lifelong learning plan and home buyers' plan subsection:
   • Answer "Yes, my LLP" to the question "Does your lifelong learning plan or home buyers' plan have a balance?"
4. Enter the following information:
   • Your total LLP balance from your LLP Statement of Account
   • The required amount to be repaid this year (also from your LLP Statement of Account)
   • Designate which RRSP contribution(s) should be applied to your LLP repayment

Important notes:

• You must report your RRSP contributions before designating LLP repayments
• If you didn't contribute enough to your RRSP, Wealthsimple Tax will automatically include the remaining repayment amount due to your income

Finding your LLP repayment amount:

• Check your CRA My Account
• Look at last year's Notice of Assessment
• Calculate it yourself
• Contact the CRA

Remember:

• Reporting your LLP repayment correctly ensures your RRSP contributions are allocated properly
• Failing to repay the required amount can result in additional taxable income

If you have questions about your LLP repayment obligations, consider consulting with a tax expert. If you need assistance entering this information in Wealthsimple Tax, please contact Wealthsimple support.