Is this guide for you? 3 U" Z5 [- K6 D6 sUse this guide if you want information about participating " y) A5 D3 w9 |( B) R( W" rin the Lifelong Learning Plan (LLP). . g0 |" Y: D; _1 P' u" H: l+ l
The LLP allows you to withdraw amounts from your 0 s" g- N% r# M7 t9 T4 `
registered retirement savings plans (RRSPs) to finance ; e6 s4 H B7 Straining or education for you or your spouse or 2 F- |/ W; v) v$ Z6 g- c* mcommon-law partner. You do not have to include the 8 I; C8 R7 n, g+ `% Z8 c& hwithdrawn amounts in your income, and the RRSP issuer " Q8 A! h4 Z& |
will not withhold tax on these amounts. & S; \/ b y( I$ o3 U, M
You have to repay these withdrawals to your RRSPs over a 0 y. j$ U" K3 W7 l
period of no more than 10 years. Any amount that you do . `* ?+ O5 I8 J' m2 ]1 @% Y, hnot repay when it is due will be included in your income 4 I x6 V- T1 u' {( B2 F* pfor the year it was due.