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Is this guide for you? % D; ~4 ^9 w' z' P* x
Use this guide if you want information about participating
! N* l$ u- V% ], ^& [; m, ^in the Lifelong Learning Plan (LLP).
# t V- s5 h& p9 IThe LLP allows you to withdraw amounts from your 4 T2 _% M. H% A7 q% w% }
registered retirement savings plans (RRSPs) to finance ' h+ f0 e; m( o
training or education for you or your spouse or / c; u: H* S$ a" I( ?" h
common-law partner. You do not have to include the
1 d- N' B4 D/ l$ L4 O9 b5 [+ f; cwithdrawn amounts in your income, and the RRSP issuer
* c* ?7 s& P3 f! K, e$ lwill not withhold tax on these amounts. 4 E) m* x, m( c! J6 e2 P) s
You have to repay these withdrawals to your RRSPs over a ) P0 I4 ^) Z1 H( C! C" c2 ?2 \
period of no more than 10 years. Any amount that you do
( G: F2 d8 F! m; ]" Tnot repay when it is due will be included in your income
Y6 V: \/ G6 K& mfor the year it was due. |
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