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Is this guide for you? ) @' T* B% {7 T! [/ n$ p) y
Use this guide if you want information about participating / y; |1 X/ I k7 A, G- r6 i
in the Lifelong Learning Plan (LLP). ! h6 A1 O" i# r( R X, I( u
The LLP allows you to withdraw amounts from your 1 D, b4 `1 r- I* u) b5 [* k/ K
registered retirement savings plans (RRSPs) to finance
9 ?; r1 k3 ~; b; A5 H% \/ Ztraining or education for you or your spouse or
, w+ m' u4 s7 F9 w0 l4 Gcommon-law partner. You do not have to include the
0 f- O: p2 N: l3 p# m5 Bwithdrawn amounts in your income, and the RRSP issuer 5 ]9 m8 H$ n1 A7 S0 `
will not withhold tax on these amounts. 0 C7 R5 {& u4 I
You have to repay these withdrawals to your RRSPs over a , n. I3 j( L! Z6 ~0 d# o2 {
period of no more than 10 years. Any amount that you do
1 d6 h* _" J" x+ e1 q3 f+ Knot repay when it is due will be included in your income : V4 O5 x7 ?; d' `4 R& P
for the year it was due. |
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