Is this guide for you? , j( D3 f. V2 s& ^
Use this guide if you want information about participating & L9 ^* [1 z" S3 v) K5 ^
in the Lifelong Learning Plan (LLP). - L+ }; y' K) l3 X/ d) v7 I RThe LLP allows you to withdraw amounts from your ! \$ I& e! C0 r5 \* l P; `registered retirement savings plans (RRSPs) to finance ' q6 M- r& B: H0 U, @- f; J- }training or education for you or your spouse or % c8 @) I% b1 i7 `2 D' r7 T9 d _1 ecommon-law partner. You do not have to include the 9 S* c. m" O! ^8 R; c/ Lwithdrawn amounts in your income, and the RRSP issuer 4 F% G6 f7 ?. O8 J$ Y% bwill not withhold tax on these amounts. 5 V) O# K. a \. @You have to repay these withdrawals to your RRSPs over a ! w) v( m+ |: ]! B. M
period of no more than 10 years. Any amount that you do 2 b) _- W% e5 @" a0 o, t
not repay when it is due will be included in your income 7 d' S' S* }( m! m2 e5 P' |
for the year it was due.