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Is this guide for you? + Q1 m/ _9 x5 p; b- m( j/ a
Use this guide if you want information about participating & p! K5 e, o0 U {: Z8 v* U8 i% C
in the Lifelong Learning Plan (LLP).
( L& N0 V$ v5 L9 oThe LLP allows you to withdraw amounts from your
8 _9 I- R% C: \* x- m+ Z+ K# B6 sregistered retirement savings plans (RRSPs) to finance ) [, t+ p0 Z5 J: n6 |0 @
training or education for you or your spouse or
* B+ i5 v4 I2 }: }4 Rcommon-law partner. You do not have to include the
7 z. p8 g* a4 i; p6 u7 owithdrawn amounts in your income, and the RRSP issuer
1 _, U T5 M7 Swill not withhold tax on these amounts.
' s$ g1 J0 ^& {You have to repay these withdrawals to your RRSPs over a d# u) b' v, E6 J; F& f/ u
period of no more than 10 years. Any amount that you do ; F2 f, {, u0 O; g" p
not repay when it is due will be included in your income
& c2 g. K Q: W# W3 Q7 w3 _3 I4 Bfor the year it was due. |
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