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Is this guide for you?
, {. X% O" f5 b' AUse this guide if you want information about participating 9 j) G& K/ j/ i$ h+ k7 T
in the Lifelong Learning Plan (LLP). ) @8 k! W% Z) p h, b
The LLP allows you to withdraw amounts from your # v" Q7 v+ T$ R0 D$ v- v, A
registered retirement savings plans (RRSPs) to finance
8 o7 V$ Q5 t$ Otraining or education for you or your spouse or
7 e! z k) n: F S2 w2 Zcommon-law partner. You do not have to include the
9 ~$ A! c0 P, U, J' y) g& G! E) cwithdrawn amounts in your income, and the RRSP issuer 8 e3 B. X+ ^4 q% {4 c2 S, \$ w- V
will not withhold tax on these amounts. 2 y, l( s: [" M5 b
You have to repay these withdrawals to your RRSPs over a 6 J) w- U# w: x0 `8 Q
period of no more than 10 years. Any amount that you do
. y# s$ q- c+ z' B1 g; gnot repay when it is due will be included in your income
: m& s1 L$ [# ?) p- ^6 z( @for the year it was due. |
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