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Is this guide for you? - G' S$ o0 e" [" n4 E* i
Use this guide if you want information about participating 1 P6 [! G( k' z! t! e) ^! D
in the Lifelong Learning Plan (LLP).
) _" ]) C! V, s. Y$ O& j) V, {8 {8 n7 \3 xThe LLP allows you to withdraw amounts from your , B; A8 \- X0 F' e) [# }
registered retirement savings plans (RRSPs) to finance
& [; {" q& K0 z! rtraining or education for you or your spouse or
0 l: y G7 l F$ Lcommon-law partner. You do not have to include the ) u: M z/ f, n
withdrawn amounts in your income, and the RRSP issuer ) X, I( F4 S) N& H$ [
will not withhold tax on these amounts. % _* O$ K- z7 B; @5 Z
You have to repay these withdrawals to your RRSPs over a 3 ?; a7 }6 |+ u W0 d6 G
period of no more than 10 years. Any amount that you do
8 H, n% f2 i1 d1 Anot repay when it is due will be included in your income 7 I& C5 w d1 s8 @9 v
for the year it was due. |
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