My question is: Canadian-specific
QUESTION: Can I take money from my RSP to pay post-secondary tuition for my children without a tax penalty/tax hit? (Household income @$100,000)
Do I have to repay the RSP within a certain timeframe to avoid the tax penalty?
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david ingram replies:
The answer is NO! You can only use an LLP for you or your spouse or common-law partner.
An LLP must be repaid with 10 equal paymnets over ten years. The maximum withdrawal is $10,000 in any one year with a $20,000 maximum withdrawal.
