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Is this guide for you? ) O9 U0 b4 f$ o) u$ I* ^
Use this guide if you want information about participating
! S: @2 H, L8 O7 s, p! ~in the Lifelong Learning Plan (LLP). ! l: O% Q# ]. K4 r7 V% O
The LLP allows you to withdraw amounts from your
. A2 g) f, K7 c* I3 ]registered retirement savings plans (RRSPs) to finance # q2 |3 x" N0 `$ T, v4 G# [ s
training or education for you or your spouse or + A$ V$ w$ a' {0 \ S8 s+ [- O7 B! Z% Q
common-law partner. You do not have to include the
4 a- C) b+ t" a& ?5 hwithdrawn amounts in your income, and the RRSP issuer
& h; G$ X8 g, a6 h. N' |8 Ywill not withhold tax on these amounts. 4 e9 s) r& u) h ~6 V( b
You have to repay these withdrawals to your RRSPs over a
) _& X9 j% j4 u7 L# z' \period of no more than 10 years. Any amount that you do
& q; o; b% @8 X% g y7 Qnot repay when it is due will be included in your income 7 G* ?9 X+ T: V
for the year it was due. |
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