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Is this guide for you? x3 [& N% \& u1 u
Use this guide if you want information about participating 2 j8 g3 ]# {$ e, m
in the Lifelong Learning Plan (LLP). # \9 P4 |* z: v$ A- y3 s
The LLP allows you to withdraw amounts from your
7 ?' r3 ]" ^, A: ]4 }registered retirement savings plans (RRSPs) to finance
( `/ f% J& m' _! U4 Ptraining or education for you or your spouse or
/ O/ ^5 |; m8 scommon-law partner. You do not have to include the * D& t5 ~) e, n6 V+ j7 n/ F
withdrawn amounts in your income, and the RRSP issuer
( z2 ^0 W( M o, ^* ^' q+ v0 `will not withhold tax on these amounts.
& I! p3 s% I0 a# R3 ~- UYou have to repay these withdrawals to your RRSPs over a ) q1 R: d; h" Z& u9 d. l8 c* K
period of no more than 10 years. Any amount that you do / } c8 n( \, I' D+ I# y
not repay when it is due will be included in your income
9 T* [% {- \; u$ Z( U+ y) |# vfor the year it was due. |
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