Is this guide for you? ; t; W$ v$ N( i+ `! h7 oUse this guide if you want information about participating 6 c3 b2 m% z7 G; t: b4 t: n' K
in the Lifelong Learning Plan (LLP). ' l7 d( P" k% v1 f; x1 a
The LLP allows you to withdraw amounts from your * U( R9 W/ _7 Z0 ^
registered retirement savings plans (RRSPs) to finance 0 N$ C1 U8 z, W8 I! ytraining or education for you or your spouse or ( g6 n) H: ~( m9 q4 N. @8 d
common-law partner. You do not have to include the 8 O& f% ]$ W: W. H/ n3 t& z' Y8 @6 D
withdrawn amounts in your income, and the RRSP issuer ( P$ h2 L0 S" a! zwill not withhold tax on these amounts. # k7 p6 v. e2 F, P9 l n" o
You have to repay these withdrawals to your RRSPs over a 7 k- l+ G) y- ^7 G$ _
period of no more than 10 years. Any amount that you do 6 |% H# ]% i4 u* o4 Snot repay when it is due will be included in your income 4 g% o' A0 X5 M* o0 Tfor the year it was due.