Is this guide for you? ' E' N) K$ U: O; |* Z2 }
Use this guide if you want information about participating % z* N. y% g& |
in the Lifelong Learning Plan (LLP). ' u3 S% y# [4 l3 U: `The LLP allows you to withdraw amounts from your g$ A6 \' V- r' yregistered retirement savings plans (RRSPs) to finance 3 k( h+ _* J; x- Q) z' c
training or education for you or your spouse or 7 Z9 X* }/ @3 t! }9 r
common-law partner. You do not have to include the ) c5 e* O* S: v5 V+ l" X1 |
withdrawn amounts in your income, and the RRSP issuer + w- o. A$ Y* x: l9 _$ W
will not withhold tax on these amounts. ; m3 W: N* g; o0 e/ \" f. l UYou have to repay these withdrawals to your RRSPs over a & G- {: G9 A' t! _6 Vperiod of no more than 10 years. Any amount that you do 3 K9 @& I+ U) H0 K: J1 nnot repay when it is due will be included in your income & U, V. \) |( I ]& Q
for the year it was due.