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Is this guide for you? * {% K# f% F- ~! p
Use this guide if you want information about participating 4 |. ^2 S% f; Y# N' ^6 v, s! r6 b
in the Lifelong Learning Plan (LLP).
/ w1 S. O8 k. {: M$ y1 T w& DThe LLP allows you to withdraw amounts from your ) x$ h, D' g+ ?$ ]/ g
registered retirement savings plans (RRSPs) to finance 0 j0 h5 ~5 w; P, S0 L
training or education for you or your spouse or
+ o' ]" {2 ]: Q7 `( S; |7 v0 {common-law partner. You do not have to include the
* o& ?" w& Q. r k0 jwithdrawn amounts in your income, and the RRSP issuer
8 u) M& Y6 k7 [+ e5 N& Twill not withhold tax on these amounts.
' u7 ^/ n* r" T8 kYou have to repay these withdrawals to your RRSPs over a $ u& g- t; L" b3 ]6 z. G4 m
period of no more than 10 years. Any amount that you do
$ r5 d) @( d, t; L3 p& [not repay when it is due will be included in your income
0 F0 m" `1 u( D: Afor the year it was due. |
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