Is this guide for you? 2 `% C( T, E0 ]2 i. F4 m
Use this guide if you want information about participating 7 `1 N6 @$ J2 |
in the Lifelong Learning Plan (LLP). . w9 ?' R+ o7 N2 k
The LLP allows you to withdraw amounts from your 6 d D" r) X& f' z- w( N" Vregistered retirement savings plans (RRSPs) to finance ! [7 u( G3 r3 P0 Btraining or education for you or your spouse or - k. @ s+ h9 |+ W( Z# k& F; S
common-law partner. You do not have to include the 7 [3 Q# c, U2 ]9 _8 Vwithdrawn amounts in your income, and the RRSP issuer 4 z0 W5 O4 O) V. S
will not withhold tax on these amounts. $ j6 K) T( X4 x( h9 B- _5 pYou have to repay these withdrawals to your RRSPs over a $ A4 e" f8 R! z$ S
period of no more than 10 years. Any amount that you do 2 B, P# J5 t3 m
not repay when it is due will be included in your income / g8 o& i. e( a6 q8 h7 ^# ]for the year it was due.