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Is this guide for you? ! W7 j+ k0 l* t5 k `; V0 m
Use this guide if you want information about participating
9 T7 i, N# T0 xin the Lifelong Learning Plan (LLP).
$ ~; |. I2 s2 [7 K f3 W9 o4 TThe LLP allows you to withdraw amounts from your
, M6 E7 Y9 G( z6 o' Tregistered retirement savings plans (RRSPs) to finance
" N5 t8 R) ^ i5 L" ^4 B K! Ftraining or education for you or your spouse or : X! s0 R5 A; f/ X) M7 Y
common-law partner. You do not have to include the
R; z& O; N) f! T# L/ o, gwithdrawn amounts in your income, and the RRSP issuer * v$ G' Y D* y# B5 x
will not withhold tax on these amounts. & i {4 y5 ^* X+ K9 q
You have to repay these withdrawals to your RRSPs over a # _- W; d6 u2 v; ~; z
period of no more than 10 years. Any amount that you do
0 j, N; b- g! s$ R0 W$ Nnot repay when it is due will be included in your income
% k. v3 N0 g- @7 m! s( k4 b7 lfor the year it was due. |
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