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Is this guide for you? ' m! f G& |0 W
Use this guide if you want information about participating 6 ^2 k: O, E* I) B1 e" l
in the Lifelong Learning Plan (LLP). . ~( u' z$ j( A5 c
The LLP allows you to withdraw amounts from your
- F/ S; _0 f$ N$ L+ G sregistered retirement savings plans (RRSPs) to finance
' w# m4 X' } `training or education for you or your spouse or
% A. i. L) F; W3 ~+ bcommon-law partner. You do not have to include the
1 g x! H+ s. w7 ]0 l5 E" Owithdrawn amounts in your income, and the RRSP issuer
; u" S( R# @# Y, i0 @will not withhold tax on these amounts. / |' D. \$ }, }( A
You have to repay these withdrawals to your RRSPs over a
7 \0 U, j0 u# D5 h% |+ n7 n/ Pperiod of no more than 10 years. Any amount that you do
! `! ^' Z& |1 F8 xnot repay when it is due will be included in your income 9 Z; y; B) _* X$ d; j6 B4 ?
for the year it was due. |
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