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Is this guide for you? h3 _$ f$ P$ n; S1 L& P* Y4 k
Use this guide if you want information about participating
! ]3 t5 ^3 |; _" D% @+ q! hin the Lifelong Learning Plan (LLP). " n7 A8 v) q H! ?, p% \
The LLP allows you to withdraw amounts from your ; _3 g* e8 M/ O- C9 {3 a6 Z! y0 J3 _
registered retirement savings plans (RRSPs) to finance 9 W4 r. @, [6 f7 b k
training or education for you or your spouse or
6 g$ C" W& b* ], V% Gcommon-law partner. You do not have to include the
/ j* f3 X3 ~, swithdrawn amounts in your income, and the RRSP issuer 5 ~! {8 V; ^( s8 z; @1 y
will not withhold tax on these amounts.
4 Z0 }4 d9 e; z& }6 o5 NYou have to repay these withdrawals to your RRSPs over a
5 |4 K7 k" u! y$ K8 L/ pperiod of no more than 10 years. Any amount that you do
+ C9 ` l. N9 ` T( [not repay when it is due will be included in your income ?! t/ p! f0 v( G
for the year it was due. |
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