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Is this guide for you? 1 w1 `! j: M2 k; r; r& p
Use this guide if you want information about participating . C: e" k; h# T) w
in the Lifelong Learning Plan (LLP).
' b1 {, G1 G. H9 `The LLP allows you to withdraw amounts from your
9 [: f7 h6 h: w/ B& {registered retirement savings plans (RRSPs) to finance 6 Y# q/ S+ o6 n9 m4 t
training or education for you or your spouse or ; A, F1 ?. [& \% A
common-law partner. You do not have to include the
: L* W' f3 d; F C9 F, `+ `withdrawn amounts in your income, and the RRSP issuer
1 |' K: V- o# r# {; o& }will not withhold tax on these amounts.
- X/ u2 m! J" D- ?You have to repay these withdrawals to your RRSPs over a 9 O8 s' ]& e+ \4 u
period of no more than 10 years. Any amount that you do
, A( B N9 O+ q2 J, o) s4 jnot repay when it is due will be included in your income : u$ U1 b( ^" E# g
for the year it was due. |
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