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Is this guide for you?
! X+ w; ?3 N8 h, G- ~Use this guide if you want information about participating $ g7 l, A+ K- {0 y, k3 d5 c/ o
in the Lifelong Learning Plan (LLP).
6 z+ U3 X9 ^, q- x& cThe LLP allows you to withdraw amounts from your 2 B& D1 d, t3 a8 p1 O
registered retirement savings plans (RRSPs) to finance
3 h2 V4 q/ f& ?# i, |, X- c& ctraining or education for you or your spouse or
, R4 I( Z( R9 r" \* J. Ecommon-law partner. You do not have to include the . m# N* }6 h8 T# f8 t* T& O
withdrawn amounts in your income, and the RRSP issuer ; D" [! I J# P7 ~
will not withhold tax on these amounts. / [& W5 z' r$ H% v8 ]$ o% O
You have to repay these withdrawals to your RRSPs over a
! c7 S4 t! a4 operiod of no more than 10 years. Any amount that you do 8 W7 H4 x- X3 z4 A, O
not repay when it is due will be included in your income / H7 J. _% T/ l
for the year it was due. |
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