Is this guide for you? ! H. U9 P' s. D0 e) P8 J+ _Use this guide if you want information about participating * [: O$ z: r5 _8 d2 |
in the Lifelong Learning Plan (LLP). . U& W X+ e2 v( Q# k6 L8 lThe LLP allows you to withdraw amounts from your - K |, z) ~$ L8 E N; L, `5 B
registered retirement savings plans (RRSPs) to finance ) x) y- w5 U: l0 `training or education for you or your spouse or 1 f% {8 A0 t$ j
common-law partner. You do not have to include the ) p- a( @0 K! V5 W' K( [
withdrawn amounts in your income, and the RRSP issuer 1 v8 J* ^0 z5 d. W3 T
will not withhold tax on these amounts. 9 A3 M! J* A# f. LYou have to repay these withdrawals to your RRSPs over a ) D7 L$ M( }7 B6 n+ v
period of no more than 10 years. Any amount that you do . i( E% g4 n* Y1 F5 Q6 N; Onot repay when it is due will be included in your income ) P1 H" L/ [9 O$ S, f
for the year it was due.