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Is this guide for you? % E& }8 j: Y1 b4 z( f% E) [
Use this guide if you want information about participating
) e$ Z/ l/ i# [ q+ }5 z/ n$ Gin the Lifelong Learning Plan (LLP).
/ U6 h% t* f4 MThe LLP allows you to withdraw amounts from your
$ y$ \3 a, p2 N% J" U. Fregistered retirement savings plans (RRSPs) to finance
% q1 j, y/ [! p% M, J6 }) jtraining or education for you or your spouse or # [+ h- ~6 P1 d- Y1 y, d& q
common-law partner. You do not have to include the 1 u0 E7 ^4 [# O' T) ]
withdrawn amounts in your income, and the RRSP issuer
7 _% x; Y( [2 F( |will not withhold tax on these amounts.
4 x- u( x, Q2 fYou have to repay these withdrawals to your RRSPs over a % s( V }8 m! Z
period of no more than 10 years. Any amount that you do 6 w8 c7 u' w0 W% J" @4 y4 {3 H
not repay when it is due will be included in your income 9 d& j% |: v* J# o9 M4 q: _
for the year it was due. |
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