Examples - When and how to make a repayment

Example 1
Sarah makes LLP withdrawals from 2008 to 2011. She continues her education from 2008 to 2013, and is entitled to claim the education amount as a full-time student for at least three months on her return every year. Sarah's repayment period is from 2013 to 2022, since 2013 is the fifth year after the year of her first LLP withdrawal. The due date for her first repayment is March 1, 2014, which is 60 days after the end of 2013, her first repayment year.

Example 2
Joseph makes an LLP withdrawal in 2010 for a qualifying educational program he is enrolled in during 2010. He is entitled to the education amount as a full-time student for five months of 2010. Joseph completes the educational program in 2011, and he is entitled to the education amount as a full-time student for five months on his return for 2011. He is not entitled to the education amount for 2012 or 2013. Joseph's repayment period begins in 2013.

Example 3
Betty has an LLP balance of $7,500. Her repayment period is from 2011 to 2020. For her first repayment year, she needs to repay $750, which is 1/10 of the amount she withdrew. Betty contributes $6,000 to her RRSPs in 2011. To designate $750 as her 2011 repayment, she has to file Schedule 7 with her 2011 return. Betty can deduct the remaining $5,250 she contributed if the RRSP deduction limit shown on her notice of assessment for 2010 is at least $5,250.

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