Charles Botterill enrolls full time in a three year university program which runs from September, 2015 through May, 2018. To assist with financing this program, Charles uses the provisions of the Lifelong Learning Plan (LLP)to withdraw $6,000 from his RRSP in each of the three years 2015, 2016, and 2017. He is successful in completing the university program and receives his degree in April, 2018.
In 2020, he makes a designated repayment of $2,200. This is followed by a designated repayment of $1,200 in 2021.
Explain the tax consequences of the withdrawals and repayments described for Mr. Botterill.

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The Answer of Charles Botterill enrolls full time in a three year university program which runs from September, 2015 through May, 2018. To assist with financing this program, Charles uses the provisions of the Lifelong Learning Plan (LLP)to withdraw $6,000 from his RRSP in each of the three years 2015, 2016, and 2017. He is successful in completing the university program and receives his degree in April, 2018.
In 2020, he makes a designated repayment of $2,200. This is followed by a designated repayment of $1,200 in 2021.
Explain the tax consequences of the withdrawals and repayments described for Mr. Botterill.

Charles Botterill Enrolls Full Time in a Three Year University