Is this guide for you? % O! W$ p0 Q& CUse this guide if you want information about participating & q3 c' N' y x. J2 c2 C/ ]
in the Lifelong Learning Plan (LLP). , I7 L" {+ a9 ]( F2 Z- s) v
The LLP allows you to withdraw amounts from your ( X! H6 ]% f' Qregistered retirement savings plans (RRSPs) to finance + o7 s- S$ ?1 e' c8 C1 B
training or education for you or your spouse or - l& D/ X+ q. d* O2 Scommon-law partner. You do not have to include the 4 [9 O9 b& n" K4 c- f
withdrawn amounts in your income, and the RRSP issuer 4 s- H$ X7 ?2 v6 U' dwill not withhold tax on these amounts. $ F8 }0 r3 F( |
You have to repay these withdrawals to your RRSPs over a 3 [* e/ y. V2 |& S; qperiod of no more than 10 years. Any amount that you do " W7 c% Q! Y. ^. q: E
not repay when it is due will be included in your income ; r3 i$ z# Z4 C' }for the year it was due.