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Is this guide for you?
7 `0 V, O. t b# Y7 _* t& vUse this guide if you want information about participating 7 t' H: i- \2 H* k0 K; ^
in the Lifelong Learning Plan (LLP). 2 j: u2 A# ^- H/ {3 `' \
The LLP allows you to withdraw amounts from your
' k8 I2 o `- X! sregistered retirement savings plans (RRSPs) to finance 2 V. W! `' e9 h- }, t4 w# |
training or education for you or your spouse or
$ W$ T8 u2 ]8 B* H8 c& ucommon-law partner. You do not have to include the
! ?, F2 t+ I# t0 _/ |withdrawn amounts in your income, and the RRSP issuer
) L& \- A; a# t' Y4 i/ Z5 L0 Bwill not withhold tax on these amounts.
, x; ^! S& Y/ v- BYou have to repay these withdrawals to your RRSPs over a
?% y4 m4 U! E& Qperiod of no more than 10 years. Any amount that you do
, N9 H6 C& D& e, I$ Enot repay when it is due will be included in your income % j2 G. N6 M( y! r
for the year it was due. |
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