LLP RSP Recapture Income

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victoriaguy
Posts: 54
Joined: Sun Oct 26, 2014 12:03 am
Location: Victoria, BC, Canada

LLP RSP Recapture Income

Post by victoriaguy »

Hi again, one last question,

I'm "repaying" a Lifelong Learning Plan loan from my RSP by including it in income, rather than recontributing it to my RSP. Is Line 21 appropriate for this amount? How would you label it in the Line 21 description. Would "RSP loan recapture" suffice?

(The RSP account doesn't exist any more, so I can't show it as income on an 8891 or 8938).

Finally, is it subject to an extra 10% tax for "early withdrawal" for US tax purposes?

Thanks a lot!
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nelsona
Posts: 18358
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

That would not be considered income in US.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
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