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Is this guide for you? ; _( u, X+ }: [% Y- j
Use this guide if you want information about participating ; P0 L3 f) r$ [# A! W1 r
in the Lifelong Learning Plan (LLP). 1 N6 b& E$ k( Z
The LLP allows you to withdraw amounts from your ) X1 y2 M: L/ y9 G A7 m
registered retirement savings plans (RRSPs) to finance
* k1 t1 B' I) W; X$ p- c5 ?training or education for you or your spouse or
4 ?$ N* A7 w: Z0 S! g* Y% Ncommon-law partner. You do not have to include the
8 o O2 U; f+ @6 Iwithdrawn amounts in your income, and the RRSP issuer % h0 i* u6 Y8 E, ^( t( l
will not withhold tax on these amounts. + ?. \" k+ o e
You have to repay these withdrawals to your RRSPs over a ]6 r. c( d8 ~& L) W0 o
period of no more than 10 years. Any amount that you do
# Q m; R, P8 O/ `' [not repay when it is due will be included in your income
, P- k. u8 V: V! d) B1 a3 Gfor the year it was due. |
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