Pedro borrowed $10,000 from his RRSP in 2020 under the term of the Life-Long Learning Program (LLLP). He is scheduled to make his first repayment in 2024. However, Pedro has some extra money right now and decides to repay $3,000 this year rather than waiting until 2024 to do it?

		Pedro will pay tax on $3,000
		Pedro will get an extension of one additional year to repay the $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 each future year

Sofi is a Life-Long Learning Plan (LLLP) participant who withdrew $6,000 from her Registered Retirement Savings Plan (RRSP) in 2019 (during her 1st year of college). She withdrew another $6,000 in 2020 (during her 2nd year of college). So, with a current total balance of $12,000 in her LLLP account at present, what is the maximum amount of an LLLP withdrawal for Sofi in 2021 during her 3rd year of full-time attendance at college?

		$0
		$10,000
		$6,000
		$8,000

Pink's earned income was $62,000 in 2020. There was a pension adjustment of $2750 in 2020. There is also a pension adjustment reversal of $875 and a past service pension adjustment of $500 in 2021. Based just on this information what is Pink's total RRSP contribution room for 2021?

		$12,035
		$11,160
		$8,785
		$7,910

Which of the following statements is not a feature of a Registered Retirement Income Fund (RRIF)?

		RRIFs can provide income prior to the age of 71 if the owner transfers the assets from an RRSP into the RRIF
		RRIFs provide tax-deferred growth on investments inside the account
		RRIFs provide flexibility to withdraw funds as needed
		RRIF minimum withdrawal amounts are guidelines only as there is no mandatory annual withdrawal requirement