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Is this guide for you? # U' J0 Y) R. Z0 H( D
Use this guide if you want information about participating
. f# D0 f3 G P7 k! @: q/ E- cin the Lifelong Learning Plan (LLP).
6 q( I7 l1 v, Y: r% t+ rThe LLP allows you to withdraw amounts from your
7 t- @1 e6 W. M, lregistered retirement savings plans (RRSPs) to finance
, S6 Q9 u. C* n* ~0 {! ]& \8 G8 vtraining or education for you or your spouse or
6 K- c% T' S2 U( G/ h( r' N9 J" Ycommon-law partner. You do not have to include the & k( o- m5 |* h! l% v' g; P9 \
withdrawn amounts in your income, and the RRSP issuer ) y9 R& i4 c- f; k6 S
will not withhold tax on these amounts. 2 a5 @- @/ [* W2 l+ A7 d
You have to repay these withdrawals to your RRSPs over a
0 }7 Z7 j1 i' G8 |5 y, Lperiod of no more than 10 years. Any amount that you do - O! p% J# s4 S/ {
not repay when it is due will be included in your income 3 L9 Z( X/ c) d: H
for the year it was due. |
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