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Is this guide for you? - U& @1 [4 @3 s$ {' a" T7 Q
Use this guide if you want information about participating
2 e; q7 D- x" [) l# T! nin the Lifelong Learning Plan (LLP). ; J- t3 f, u; q% Z7 \9 r/ w. \
The LLP allows you to withdraw amounts from your
$ k' O, _, M1 x, D" ?1 r: vregistered retirement savings plans (RRSPs) to finance " G+ s) q; A1 ^. V0 X# V
training or education for you or your spouse or
* z7 o$ c. }5 i- `2 ? K5 @common-law partner. You do not have to include the
! f1 N1 P& R1 n) n0 k! B$ cwithdrawn amounts in your income, and the RRSP issuer
9 t9 r& x+ {! }9 A( ?6 u+ Kwill not withhold tax on these amounts. + A# N/ D4 T) H
You have to repay these withdrawals to your RRSPs over a
) w- Q. Z; b! a f! X5 G& \period of no more than 10 years. Any amount that you do 9 d3 u) H* b& h" w0 N- D3 K
not repay when it is due will be included in your income
; ~# O. @5 H- D, B! tfor the year it was due. |
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