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Is this guide for you? . w2 X# u2 C: ^7 `6 P s0 c% l
Use this guide if you want information about participating 6 l8 `7 c% ?( H$ ~9 B4 j; C: D
in the Lifelong Learning Plan (LLP). ; O' z2 z# q" {) c; P, f
The LLP allows you to withdraw amounts from your
1 S! s* f4 {& S, @' d2 @registered retirement savings plans (RRSPs) to finance
0 X- @7 _: b& x+ h7 rtraining or education for you or your spouse or % P( Z" U* ]& N, M" j/ S
common-law partner. You do not have to include the
9 z, S( W$ \1 i' V( Y6 ~, h1 Zwithdrawn amounts in your income, and the RRSP issuer 3 m' n7 y- t+ f* ]! q. v
will not withhold tax on these amounts.
`- N. c! A& M$ A; hYou have to repay these withdrawals to your RRSPs over a
3 P. q' a7 P* `4 Uperiod of no more than 10 years. Any amount that you do / b. i% m' F- K2 m
not repay when it is due will be included in your income
2 S( N" z' m6 n$ m9 k* l" Tfor the year it was due. |
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