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Is this guide for you? e! ?7 u3 R7 s8 e9 Z1 b7 F2 n
Use this guide if you want information about participating 5 ]0 A2 I+ m6 ~: e8 D* o( G3 ~* U8 I
in the Lifelong Learning Plan (LLP).
" W: x6 a* x8 l, R$ x" qThe LLP allows you to withdraw amounts from your
% `" R4 r9 O, } h! ~: P* Vregistered retirement savings plans (RRSPs) to finance
. t: b: x( x6 u, ntraining or education for you or your spouse or 7 Y) U0 |2 F6 I' L$ }# H
common-law partner. You do not have to include the + e' `7 q$ L, ?( } P- K# g' \
withdrawn amounts in your income, and the RRSP issuer 5 [# W5 R- o* G0 T; [/ M$ I" Q
will not withhold tax on these amounts.
$ h! w: J- b) l2 z9 v% FYou have to repay these withdrawals to your RRSPs over a 9 s- C' w4 ~( c* d- N' i
period of no more than 10 years. Any amount that you do # _5 ^) i' K7 ]1 a9 l/ O
not repay when it is due will be included in your income 2 E! @1 h J- I, g
for the year it was due. |
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