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What are the tax consequences

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Question - Pedro borrowed $10,000 from his RSP in 2019 under the terms of the Life-Long Learning Program (LLLP). He is scheduled to make his first repayment this year. What are the tax consequences if Pedro repays $3,000 this year?

Pedro will pay tax on $3,000

Pedro will get an extension of one additional year to repay the remaining $7,000

$7,000 will be deducted from future RRSP contributions

Pedro will have a $7,000 loan outstanding and will have to repay $700 next year and all future years

Reference no: EM133134445

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