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Seniors and students
You can absolutely do this and it will not trigger a penalty tax as long as you designate the $2000 to the LLP repayment. In fact, Canada Revenue does not consider an amount you designate as a repayment under the LLP to be an RRSP contribution (ie: deductible) Therefore, if you choose to do so, you may further contribute to your RRSP to designate and repay up to the entire repayable balance remaining on your LLP account. For more info, please see http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/llp-reep/rpymnts/hw-eng.html
‎October 29, 2019
9:26 PM