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Is this guide for you? 5 I' d2 K! _5 C2 N3 S
Use this guide if you want information about participating
! U' O6 B8 }) r/ s6 jin the Lifelong Learning Plan (LLP). 4 j2 G Y7 ]' [+ `: y# F9 f) q
The LLP allows you to withdraw amounts from your / i5 f, D& ~$ _+ h+ D- M& _4 f
registered retirement savings plans (RRSPs) to finance " s: D6 `3 I$ w, u+ B Z
training or education for you or your spouse or 2 _7 P$ l) O6 ~6 M) J) I f. N+ T- u
common-law partner. You do not have to include the
6 Q! \+ S* Z# ^* Y# K9 _2 B0 Gwithdrawn amounts in your income, and the RRSP issuer " ^. c; M; o1 {$ E; p$ Y
will not withhold tax on these amounts.
2 X+ u3 \$ Z% u# ]% P EYou have to repay these withdrawals to your RRSPs over a ' F. L; X: L t& G
period of no more than 10 years. Any amount that you do
2 ]- G# p$ ^6 `0 Y# e5 M, L2 u Tnot repay when it is due will be included in your income . ]# H8 K# M7 F, s7 v& O
for the year it was due. |
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