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Is this guide for you? , O% g" O# ]9 h, M7 @
Use this guide if you want information about participating ( Q$ |. M: K" x" S% v/ g
in the Lifelong Learning Plan (LLP).
6 u% R: f# h/ h2 h2 K# uThe LLP allows you to withdraw amounts from your " O6 k( y& f# k+ D. K
registered retirement savings plans (RRSPs) to finance 3 h% F7 y$ O Q. F2 r6 x3 j+ Z. ]
training or education for you or your spouse or
5 w# u( a" R5 Z- y0 I! o1 k$ ycommon-law partner. You do not have to include the 8 r; E8 s, W# k+ Y' D. y0 M/ K
withdrawn amounts in your income, and the RRSP issuer
# \3 _/ U4 h1 U; E9 I4 p, v: ?will not withhold tax on these amounts.
1 p4 Z" V4 |( OYou have to repay these withdrawals to your RRSPs over a $ ?5 U: C/ B* ^) F" G6 O
period of no more than 10 years. Any amount that you do * w6 z3 [7 Y! c+ I2 ^ ?" e& g
not repay when it is due will be included in your income 3 }: z) T6 A3 H. `: ]
for the year it was due. |
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