Is this guide for you? ' W& p: b2 L0 w' q# ]' |7 A+ u
Use this guide if you want information about participating 4 |* j5 }. f$ X# U/ R8 l1 uin the Lifelong Learning Plan (LLP). ) d+ G9 W" v/ @: J' G/ U8 `! X+ \0 B* EThe LLP allows you to withdraw amounts from your ( U+ p3 |$ }0 Z4 S$ D% }
registered retirement savings plans (RRSPs) to finance 7 C" d6 t6 T0 E! {training or education for you or your spouse or 6 q0 Y2 c5 f% m* w: Ccommon-law partner. You do not have to include the $ R4 s) C$ z& G/ f- Swithdrawn amounts in your income, and the RRSP issuer , i$ z) v# T3 S: ~will not withhold tax on these amounts. ! l6 V5 w- Z& ?8 fYou have to repay these withdrawals to your RRSPs over a 0 \, ^$ f! k; e, z/ U4 }1 cperiod of no more than 10 years. Any amount that you do : Z/ m- L& h% x' l- Pnot repay when it is due will be included in your income # j# l/ e0 B) c: ^+ Y& g
for the year it was due.