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Is this guide for you?
7 f' c( h2 T1 s- j; w0 x5 K. sUse this guide if you want information about participating " L* z+ f1 D! d: f! R$ l* N
in the Lifelong Learning Plan (LLP). 1 B( F& J/ U' k' Q
The LLP allows you to withdraw amounts from your
, `9 w+ t2 a9 ]" V# ~# {registered retirement savings plans (RRSPs) to finance
6 a3 S' g" H! X7 q" ftraining or education for you or your spouse or
3 q1 _: |8 Z7 G+ Q2 V) P7 hcommon-law partner. You do not have to include the * Z* ~, u4 M' ~2 }, Q" }
withdrawn amounts in your income, and the RRSP issuer ) P9 }% T2 E t3 O# g" K0 S! g; {
will not withhold tax on these amounts. 4 I/ N2 ]/ o! E( g, W* d
You have to repay these withdrawals to your RRSPs over a
* s, E9 h% r; X& u2 s- W5 I# ~period of no more than 10 years. Any amount that you do
; M* J2 U/ r; b, knot repay when it is due will be included in your income 1 B, V6 `; J+ c e2 q0 u
for the year it was due. |
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