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Either spouses or partners can withdraw from their RRSPs under the LLP at the same time. True or False? True False Question 20 (1 point)
Either spouses or partners can withdraw from their RRSPs under the LLP at the same time. True or False? True False Question 20 (1 point) Angie, who is 44 , plans to quit her job and return to college full time for 24 months to obtain a certificate in human resources management. She is worried about being able to maintain her standard of living while she is going to school and is curious about the Lifelong Learning Program. Please use the following information to answer the question. i. The total amount that Angie could withdraw from her RRSP under the LLP in any one year is $5,000 ii. If Angie makes a qualifying LLP withdrawal, she does not have to use the proceeds to pay for her tuition expenses iii. If she is still worried about making ends meet, she can go to school part-time and work parttime, and still make a qualifying LLP withdrawal iv. If Angie continues in school for four years, the maximum amount that she could withdraw under the LLP would be $20,000. Which of the following statements about the LLP are true? i, iii, and iv ii and iii ii, iii, and iv ii and iv Marsha lost her job in October 2013. In January 2014, she commenced an eighteen-month, officemanagement course. She withdrew \$10,000 from her RRSP in 2014 and \$4,000 in 2015 to help finance her studies and to meet her living expenses. She was eligible to claim the fulltime education amount for all of 2014 and for the first six months of 2015. She obtained a job upon her graduation in July 2015. What will be Marsha's first repayment year for purposes of the Lifelong Learning Plan (LLP)? 2017 2018 2019 2020
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