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Is this guide for you? ' O5 e( R, w7 f7 U$ W" y
Use this guide if you want information about participating
4 u; S1 h8 m4 o! L% Rin the Lifelong Learning Plan (LLP). & Q2 r1 e5 X' v; S% J/ T6 Z
The LLP allows you to withdraw amounts from your 1 Z7 s% B% Z7 X# p) V
registered retirement savings plans (RRSPs) to finance
. `" ?+ w6 k7 K2 k, Mtraining or education for you or your spouse or 5 F5 Q7 v, @5 U) ~
common-law partner. You do not have to include the ' H( N. r$ D" p [' X5 h4 W
withdrawn amounts in your income, and the RRSP issuer / I% N$ G* x1 P; y3 f5 j
will not withhold tax on these amounts.
6 N( E) X7 d" {: S& \6 C) ^You have to repay these withdrawals to your RRSPs over a
& c- r3 N% w1 w# u, Aperiod of no more than 10 years. Any amount that you do ) y8 [# b* D- I+ {# C
not repay when it is due will be included in your income 6 x1 [ m7 q, Y) y/ m
for the year it was due. |
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