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Is this guide for you? ( X q/ I1 f M8 f, j+ M3 j: G
Use this guide if you want information about participating
) j) o! n& p% c- ^$ T0 |' ^7 B( M- Nin the Lifelong Learning Plan (LLP).
' Q, y- ~( f8 U& ~The LLP allows you to withdraw amounts from your
0 c; }" Q6 a3 d! O% c2 nregistered retirement savings plans (RRSPs) to finance ) W' X6 i6 e$ i( r& l
training or education for you or your spouse or
/ W: W9 z% b: o/ e9 Acommon-law partner. You do not have to include the
Z) \2 |5 A5 o% O( R6 _# d( Lwithdrawn amounts in your income, and the RRSP issuer
3 Q! }7 S, F+ F7 lwill not withhold tax on these amounts. ! I3 ~' H7 D& ?8 t6 t
You have to repay these withdrawals to your RRSPs over a
4 }$ y5 S1 ~* ^, [* Q" H/ vperiod of no more than 10 years. Any amount that you do
! S# C& w8 e2 {, o4 m" c. {: c* jnot repay when it is due will be included in your income 0 X. u5 d7 x' c
for the year it was due. |
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