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Is this guide for you? Z$ Z* t5 }8 ^, [7 Q$ E8 T
Use this guide if you want information about participating / e. M& C8 Z- i# U; N/ c
in the Lifelong Learning Plan (LLP).
2 A2 A7 [3 Q# r7 V, E' ]9 p; DThe LLP allows you to withdraw amounts from your ; |! x* _; N; X/ w
registered retirement savings plans (RRSPs) to finance
. u! n% W! P" h- [2 A( n5 Y0 H9 _$ ptraining or education for you or your spouse or 7 m0 B- ~* {9 C8 h% a
common-law partner. You do not have to include the
: Z, U( r/ j5 e+ Wwithdrawn amounts in your income, and the RRSP issuer ! P! V7 ]0 ] A2 k
will not withhold tax on these amounts. ) D. E& {4 U6 q( Y
You have to repay these withdrawals to your RRSPs over a R* d5 m8 ~5 o2 O' v
period of no more than 10 years. Any amount that you do
1 C) T8 L/ ^6 y! L Y6 Qnot repay when it is due will be included in your income 3 y: {- J' B& j7 v, @: `, v6 l' r) @2 X
for the year it was due. |
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