Is this guide for you? 3 i! Z5 `; D6 F2 `Use this guide if you want information about participating % V1 K3 J; B' j3 N: O- E. M
in the Lifelong Learning Plan (LLP). : _. o7 k2 o: ]. w% AThe LLP allows you to withdraw amounts from your 4 `$ n- P3 u, I- w3 a" wregistered retirement savings plans (RRSPs) to finance ! m4 _* L h0 @
training or education for you or your spouse or 2 u+ U# D( e% V" Q3 q, W4 U, B' ucommon-law partner. You do not have to include the ' B' l1 q& D$ ~* b; v& q: Vwithdrawn amounts in your income, and the RRSP issuer ; i- W2 a4 c# H- |/ t
will not withhold tax on these amounts. 4 m: d- D( A2 R* q/ s
You have to repay these withdrawals to your RRSPs over a 2 E% l! c U0 O2 b5 L! w0 v
period of no more than 10 years. Any amount that you do + H4 E& P: G- O5 H$ ^not repay when it is due will be included in your income ) Q3 A* x/ B/ ffor the year it was due.