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Is this guide for you? 0 t6 u/ Q7 }" D, i
Use this guide if you want information about participating 9 N/ Y# R: z8 V1 u
in the Lifelong Learning Plan (LLP).
4 {8 b* n$ n, PThe LLP allows you to withdraw amounts from your
: T; I9 A+ k0 `6 M) `% q, n/ zregistered retirement savings plans (RRSPs) to finance
7 ]( \/ Z0 H1 l w+ O. H* otraining or education for you or your spouse or # e: h$ v* a# \* m& J/ X
common-law partner. You do not have to include the
( Q. x8 {& G! t% E5 Y0 e( U+ t+ K, twithdrawn amounts in your income, and the RRSP issuer & g' \0 S3 L9 S' O+ L4 q) d$ {
will not withhold tax on these amounts.
( Q9 W2 N% X" n- T# v5 b$ C/ YYou have to repay these withdrawals to your RRSPs over a ; u- c4 ^0 Q% f- M
period of no more than 10 years. Any amount that you do % i( h j0 B0 y
not repay when it is due will be included in your income 8 x1 v- r0 H1 w( F) [8 L
for the year it was due. |
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