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Is this guide for you?
3 Y( V: I1 t- K5 o, h) Z4 |; ?Use this guide if you want information about participating % Q- ^( Q6 j5 h' b
in the Lifelong Learning Plan (LLP).
& i! z- a; j: z6 cThe LLP allows you to withdraw amounts from your 4 x; h0 V" I' s% i( h1 f0 i. K
registered retirement savings plans (RRSPs) to finance
* p: N9 U6 Y7 t, t8 X0 c. utraining or education for you or your spouse or
6 S, m& \. N- p6 Y0 ~3 v1 I( U& tcommon-law partner. You do not have to include the
$ K3 W! A# K$ a0 X) X+ k; w; O7 n( s3 Swithdrawn amounts in your income, and the RRSP issuer
; v4 T# W5 ^+ }7 N/ Mwill not withhold tax on these amounts. , w, v" u- p2 s" Q. Y$ Y
You have to repay these withdrawals to your RRSPs over a / ^! u j7 G M
period of no more than 10 years. Any amount that you do 4 W/ }- o* G9 `; ^
not repay when it is due will be included in your income % }' w0 `9 p* Z2 G
for the year it was due. |
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