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Is this guide for you? ( f5 Q4 E5 v, v# e
Use this guide if you want information about participating 7 C& Y# [, D% l
in the Lifelong Learning Plan (LLP).
) z2 n; `, I2 F) fThe LLP allows you to withdraw amounts from your 6 N' a8 W% J* G
registered retirement savings plans (RRSPs) to finance
5 R4 J, _3 X. Itraining or education for you or your spouse or
( a# U" |# X. z1 |' {2 V- K( n0 n" M9 Ocommon-law partner. You do not have to include the
1 E+ x g: \" ]% g. G. n; K twithdrawn amounts in your income, and the RRSP issuer
9 k* s) v/ }* i8 W. z4 Jwill not withhold tax on these amounts.
) L: y5 j. [- l8 B# C& q( i" P" sYou have to repay these withdrawals to your RRSPs over a 5 A/ k. U8 p/ w) p/ y
period of no more than 10 years. Any amount that you do 6 _7 s0 W% r1 V/ H0 {6 T
not repay when it is due will be included in your income
8 o7 q$ |# z$ ^5 u$ v' G4 ^for the year it was due. |
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