Is this guide for you? 5 B" U$ q4 m$ R
Use this guide if you want information about participating 1 }% ]9 q- }- {8 i0 `) u
in the Lifelong Learning Plan (LLP). 6 F" \- y( p: l9 d: i: qThe LLP allows you to withdraw amounts from your # `5 _% f: _- E& v ~
registered retirement savings plans (RRSPs) to finance 4 u1 U* d, C7 o* b4 @
training or education for you or your spouse or ; V2 t' ?' z7 M8 [8 y% Dcommon-law partner. You do not have to include the 8 A% P7 N+ t5 A$ b: Swithdrawn amounts in your income, and the RRSP issuer 3 F9 u s8 L: ]0 y8 jwill not withhold tax on these amounts. 0 j# W8 B/ ^- V; }7 x, p5 [" X
You have to repay these withdrawals to your RRSPs over a 7 t, S3 U5 u3 b2 ^( ~- qperiod of no more than 10 years. Any amount that you do 5 O& E3 i$ {# n% g: J* A0 o- R
not repay when it is due will be included in your income . m$ J3 ?6 G* l) V2 N% j9 jfor the year it was due.