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Is this guide for you? : g( {5 |/ b5 S* m4 q) R
Use this guide if you want information about participating
/ a5 Y! M: p- n2 T' q$ Vin the Lifelong Learning Plan (LLP).
, S. y0 l# Y: e8 H4 l/ ]7 hThe LLP allows you to withdraw amounts from your
) k0 Q! P" F$ t+ v" k/ \, l# P! n" B8 Bregistered retirement savings plans (RRSPs) to finance
( O$ ^! p! q. f# W/ {/ ctraining or education for you or your spouse or
- d+ V' W% U( E9 E4 vcommon-law partner. You do not have to include the
6 G# b9 {+ C2 X; |& G5 @withdrawn amounts in your income, and the RRSP issuer $ x4 O* V1 i, a) K4 W+ G
will not withhold tax on these amounts. / M3 ?7 m, m' ~2 [
You have to repay these withdrawals to your RRSPs over a
3 q' i# z+ f( K* vperiod of no more than 10 years. Any amount that you do 4 `0 ]5 t7 C7 c- H; ?; T
not repay when it is due will be included in your income ! [& d9 T* H% t$ w+ K
for the year it was due. |
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