Is this guide for you? + B7 L- o8 L: |
Use this guide if you want information about participating & S+ ~; u/ l$ @: V4 @2 a A- }in the Lifelong Learning Plan (LLP). . C; v3 P+ ~+ rThe LLP allows you to withdraw amounts from your $ r! z5 J2 E F @! z8 Z; ]' Z
registered retirement savings plans (RRSPs) to finance 6 X) o& N/ f, ]: b5 l
training or education for you or your spouse or ) a8 g) F0 a" S3 ycommon-law partner. You do not have to include the 4 G1 |3 f2 r9 J! Q* X+ ~" l. o: }
withdrawn amounts in your income, and the RRSP issuer . p1 b$ u" H: M1 t
will not withhold tax on these amounts. / j$ [- c$ T- ]/ a, ?4 H
You have to repay these withdrawals to your RRSPs over a / ^/ @- n+ m% j/ s) X
period of no more than 10 years. Any amount that you do 3 t# T( L3 \3 y3 h( [0 N& J% ^% Pnot repay when it is due will be included in your income - l$ v. a* t, jfor the year it was due.