Is this guide for you? 0 b/ W7 b* U; F2 z# V; I- g: t5 l; l
Use this guide if you want information about participating . A2 s6 }% z- k9 {; |
in the Lifelong Learning Plan (LLP). 3 T1 m9 F C. }" V& \The LLP allows you to withdraw amounts from your r- h# ?+ p* H" I& R
registered retirement savings plans (RRSPs) to finance : ^6 W4 h! F! ?* y) k7 t: j) Ktraining or education for you or your spouse or B7 H9 D" K# d9 W. w4 H6 Wcommon-law partner. You do not have to include the 7 b3 P# i' d4 v$ [) L" T8 z% I
withdrawn amounts in your income, and the RRSP issuer $ H1 }; o [ I7 z1 C
will not withhold tax on these amounts. % s8 m$ j" j4 ?& j8 A1 Q7 aYou have to repay these withdrawals to your RRSPs over a ; M4 U# d- J: p/ E& {/ _period of no more than 10 years. Any amount that you do / C5 J) L3 @; \; P5 p. ], W) e
not repay when it is due will be included in your income 0 j5 Z6 E! ~& m8 n1 i9 M
for the year it was due.