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Is this guide for you?
) I. T6 [( V3 h- E/ ?: e; ^6 OUse this guide if you want information about participating 2 b1 j0 W/ \6 i; m/ s' f
in the Lifelong Learning Plan (LLP).
. X1 t# W- v* M8 H& R. y" l! cThe LLP allows you to withdraw amounts from your
* ~& V8 V. h3 G- dregistered retirement savings plans (RRSPs) to finance 5 N* [, Y n4 b3 q4 S" w2 w# p
training or education for you or your spouse or 8 }0 v, s8 |' X8 n
common-law partner. You do not have to include the
0 d ^/ }6 d8 B4 ~& V+ Fwithdrawn amounts in your income, and the RRSP issuer
8 J4 K: y* |& u) k3 q/ r3 D+ cwill not withhold tax on these amounts. : ^0 l, G. h3 O+ a! ~, u% N% O; z
You have to repay these withdrawals to your RRSPs over a
4 _# q6 @* G" C+ c+ C) e- U* t4 mperiod of no more than 10 years. Any amount that you do
8 O+ Q. y) o0 U# n$ Snot repay when it is due will be included in your income
3 I5 G8 ]4 @3 Jfor the year it was due. |
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