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Is this guide for you? & R# Y" ]2 S$ k3 n) e1 O
Use this guide if you want information about participating ) p7 r% R2 B+ c3 ]9 m, K1 @
in the Lifelong Learning Plan (LLP). 6 y9 Y# C2 m: ]" E0 c7 Q
The LLP allows you to withdraw amounts from your
# ~' j' R D1 W4 ~4 I. W$ K/ Fregistered retirement savings plans (RRSPs) to finance
9 r# d5 ]) U5 I5 E+ d' B4 x; k0 [9 Jtraining or education for you or your spouse or
^& ]* A+ ]1 C1 o wcommon-law partner. You do not have to include the $ U, F! \& r( z- @" E3 v
withdrawn amounts in your income, and the RRSP issuer
4 b6 ?0 N! d# l, ]: twill not withhold tax on these amounts.
* j" u- @/ S8 b; A; SYou have to repay these withdrawals to your RRSPs over a . t3 Y1 p x, p+ ?" ~6 ]$ W: b
period of no more than 10 years. Any amount that you do " n( x' N$ P; X& M
not repay when it is due will be included in your income , ^% L" H( I( S6 a
for the year it was due. |
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