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Is this guide for you? % f P6 w2 Y$ A! v, T+ }' g5 Y3 ~% D. F
Use this guide if you want information about participating $ i3 I& \( N! C5 u6 y
in the Lifelong Learning Plan (LLP).
2 W; d# Z% E3 p! K; ?7 [& SThe LLP allows you to withdraw amounts from your
! V0 h$ q' U4 _8 g0 sregistered retirement savings plans (RRSPs) to finance
+ }: N. |: A: K: `5 z) \- D5 otraining or education for you or your spouse or
( e6 x- x; G% c, O* g9 Mcommon-law partner. You do not have to include the
7 b. i- Z. \5 V. c0 cwithdrawn amounts in your income, and the RRSP issuer
' Q$ d3 X6 @; e+ r7 H( ^5 Bwill not withhold tax on these amounts.
) s3 s t5 ?" W7 T6 UYou have to repay these withdrawals to your RRSPs over a
, ~5 P- e0 L, L% Yperiod of no more than 10 years. Any amount that you do $ L' {9 W: A4 y# O
not repay when it is due will be included in your income $ Z5 g/ f5 b6 s9 N
for the year it was due. |
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