Is this guide for you? * M8 K. N. ~+ C/ GUse this guide if you want information about participating 2 ~8 D8 @" e, {- v! V1 L
in the Lifelong Learning Plan (LLP). ! p% _2 w% y' B9 @, FThe LLP allows you to withdraw amounts from your 4 \: k' n% o I8 V: G
registered retirement savings plans (RRSPs) to finance ) M# ~" i% M- [: W: k
training or education for you or your spouse or ; w7 H2 P: T: X1 ~' Ycommon-law partner. You do not have to include the & H/ C$ Y [# E* qwithdrawn amounts in your income, and the RRSP issuer ) S( o+ U3 F& T9 t/ ]+ I$ `2 D+ b6 awill not withhold tax on these amounts. ) b" F5 E l3 V6 d) e
You have to repay these withdrawals to your RRSPs over a 3 g( e+ G% j0 r* i- |4 `
period of no more than 10 years. Any amount that you do $ I+ e& H# R8 N- i7 e6 ?; pnot repay when it is due will be included in your income # `7 X9 H. }6 h$ T4 p- }7 }
for the year it was due.