Six years ago in January, Laurent made a $10,000 withdrawal from his RRSP under the Lifelong Learning Program, to pay his tuition for his four-year university course. Unfortunately, because Laurent failed a few courses throughout that time, it took 6 years for him to complete his program, even though he was enrolled as a full-time student each year. He finally graduated this year at the end of January. Laurent was able to claim the full-time education amount for each year he was in school including the one month this year. What statement is true? 

a) His first repayment is due in two years.

 O b) His first repayment was due last year. 

O c) His maximum repayment amounts are $1,000 per year.  

d) His course failures ended his eligibility for withdrawals under the LLP

 

Answer rating: 100% (QA)

The detailed answer for the above question is provided below Statement b is true ... View the full answer