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Is this guide for you? 8 O( o# D7 u% N- |/ L! w
Use this guide if you want information about participating 6 f8 Y$ d& W& ]. W' i4 R
in the Lifelong Learning Plan (LLP). 7 U5 b4 j- [" T1 v: X: D0 {5 i
The LLP allows you to withdraw amounts from your $ t+ O ]# {/ O& r9 z( t
registered retirement savings plans (RRSPs) to finance
9 B) m- ?+ S5 n1 e( u" ntraining or education for you or your spouse or
, y2 Y7 Y! o3 v" ? x# acommon-law partner. You do not have to include the / B4 W$ g% j2 a5 c! q; ]/ k9 a- R
withdrawn amounts in your income, and the RRSP issuer % Z. s s, _. Z6 Y: E
will not withhold tax on these amounts.
" q% D( t* Y" [: r# R& u3 JYou have to repay these withdrawals to your RRSPs over a , m2 w$ Q5 `8 Q# _6 u. K4 i k
period of no more than 10 years. Any amount that you do
1 H2 u/ @1 j7 i" I6 \7 P& ], fnot repay when it is due will be included in your income 0 q+ X' j5 @" k, g/ s
for the year it was due. |
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