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Is this guide for you? 4 ? Z" V: N" k( e4 f, k
Use this guide if you want information about participating / E$ l. v# e3 q# S
in the Lifelong Learning Plan (LLP). ) D# p/ H/ k, f- H/ X
The LLP allows you to withdraw amounts from your * b4 w! s, G: t% V+ U9 [* K4 A/ y
registered retirement savings plans (RRSPs) to finance
) N8 c4 d5 n& ~7 Dtraining or education for you or your spouse or
* C. A6 ~4 C' x2 A! o. lcommon-law partner. You do not have to include the P' a* o+ l$ A8 K& ~& o1 L
withdrawn amounts in your income, and the RRSP issuer ( D; N$ m( w. I, z5 Y
will not withhold tax on these amounts. 2 `- ~" V' M& A; F n
You have to repay these withdrawals to your RRSPs over a
* L0 j4 Y2 V' \$ L9 hperiod of no more than 10 years. Any amount that you do
( l5 e$ A" w2 inot repay when it is due will be included in your income $ f2 Y, q. j/ {8 O. h7 @9 W$ V# f
for the year it was due. |
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