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Is this guide for you? $ a6 o# K# E* m% I0 x+ |
Use this guide if you want information about participating
, C" f) X, q+ x" e2 r& gin the Lifelong Learning Plan (LLP). ; h: ]5 N, Q0 n1 f C) n9 L% _8 q
The LLP allows you to withdraw amounts from your
) V+ I4 G6 f1 b: yregistered retirement savings plans (RRSPs) to finance
1 b7 ^4 W) a* d* @ ^- ctraining or education for you or your spouse or Y4 ^# J% ]% \
common-law partner. You do not have to include the
8 s# R- U& i; c! qwithdrawn amounts in your income, and the RRSP issuer
! T. v' n( A4 f- o& I- Z' fwill not withhold tax on these amounts.
; ?, g' X. a! ^# V! [9 PYou have to repay these withdrawals to your RRSPs over a 2 v9 V6 x' }% J4 u
period of no more than 10 years. Any amount that you do ( |% K) s, P7 w. M. D
not repay when it is due will be included in your income ! r! H1 o$ I7 A, ]
for the year it was due. |
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