Is this guide for you? ! t! |" E* |& `% Z0 b2 }% F/ B1 EUse this guide if you want information about participating 7 N' F) W. O2 I1 w) ^' P, ^3 _in the Lifelong Learning Plan (LLP). ' |5 S. K' G$ B
The LLP allows you to withdraw amounts from your 1 M9 M* \ w9 S% L L: `registered retirement savings plans (RRSPs) to finance & s7 h3 o& x6 J$ ^training or education for you or your spouse or }/ Z0 s8 j4 O0 _9 ]5 F- g n
common-law partner. You do not have to include the 1 ?5 f$ [( l9 k+ g: ~
withdrawn amounts in your income, and the RRSP issuer , Y4 O0 ^# Y" N$ H& L% B% S- j2 rwill not withhold tax on these amounts. 5 P& s0 g" V" X+ y1 n- j6 _, d! ?
You have to repay these withdrawals to your RRSPs over a ' z7 M0 i- `% b
period of no more than 10 years. Any amount that you do & j6 M+ w# b! i$ g$ Wnot repay when it is due will be included in your income 9 R A1 N* g0 M6 d6 \1 @
for the year it was due.