Mr. Jules Forsyth enrolls full time in a four year university program running from September, 2015, through April, 2019. In order to finance this program under the provisions of the Lifelong Learning Plan (LLP), he withdraws $10,000 from his RRSP in September, 2015, a further $5,000 in September, 2016, and an additional $5,000 in September, 2017. The university course is completed successfully.
In June, 2020, a designated repayment of $2,900 is made. In November, 2021, a designated repayment of $1,500 is made.
Explain the tax consequences of the withdrawals and repayments described for Mr. Forsyth.

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The Answer of Mr. Jules Forsyth enrolls full time in a four year university program running from September, 2015, through April, 2019. In order to finance this program under the provisions of the Lifelong Learning Plan (LLP), he withdraws $10,000 from his RRSP in September, 2015, a further $5,000 in September, 2016, and an additional $5,000 in September, 2017. The university course is completed successfully.
In June, 2020, a designated repayment of $2,900 is made. In November, 2021, a designated repayment of $1,500 is made.
Explain the tax consequences of the withdrawals and repayments described for Mr. Forsyth.

Mr Jules Forsyth Enrolls Full Time in a Four Year