Is this guide for you? 8 b9 d* Z' _ Y0 M
Use this guide if you want information about participating ( n9 y& w5 h. d& Q. I+ J1 `1 R% I: S
in the Lifelong Learning Plan (LLP). 0 n) j& b& e3 [5 f) b( i
The LLP allows you to withdraw amounts from your & I* Y W" [1 q; |
registered retirement savings plans (RRSPs) to finance ! X% R5 w+ t9 a' E8 e6 _training or education for you or your spouse or , U" I3 P) I: O5 P( _: I) ^
common-law partner. You do not have to include the # o) Z' {7 J! S/ j; F! L% V) l# d+ q
withdrawn amounts in your income, and the RRSP issuer " U8 ]- k6 h" X4 G
will not withhold tax on these amounts. - N2 ~4 e1 A$ P3 X1 k I" Q( G7 X7 VYou have to repay these withdrawals to your RRSPs over a - I Q) y6 R6 h6 h0 E9 _9 G' j' P r2 [period of no more than 10 years. Any amount that you do Y# s o% ~) `! w8 Cnot repay when it is due will be included in your income ! H0 i9 y2 X3 g: Dfor the year it was due.