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Is this guide for you? 2 u' t" p' p7 V
Use this guide if you want information about participating 6 p. w7 ^9 K- s+ E# G
in the Lifelong Learning Plan (LLP).
0 x1 o& q7 _" R9 hThe LLP allows you to withdraw amounts from your
8 p, U# a) i3 f! d rregistered retirement savings plans (RRSPs) to finance ! j, h& b5 K% [/ t
training or education for you or your spouse or
/ C6 l1 b9 F5 Dcommon-law partner. You do not have to include the % v& R5 C1 x% q: P8 h/ B6 s
withdrawn amounts in your income, and the RRSP issuer
8 Z2 w0 r2 n4 a6 Fwill not withhold tax on these amounts.
4 b! o% i3 R% o4 }% Y, s8 ]& _You have to repay these withdrawals to your RRSPs over a 4 q! q" d, d* }
period of no more than 10 years. Any amount that you do . N$ C* U& r6 J, X8 i
not repay when it is due will be included in your income + a; h8 n3 \" z% N
for the year it was due. |
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