Is this guide for you? 2 ~% W- @9 @ J) a6 l! ^- I2 p
Use this guide if you want information about participating & m. q$ O5 e f/ K4 H& B5 [) J9 oin the Lifelong Learning Plan (LLP). ) w I; x9 S, F. O6 o
The LLP allows you to withdraw amounts from your / X4 y, ]' v7 F& i% J0 c8 S7 Yregistered retirement savings plans (RRSPs) to finance 8 z1 R* Q: [5 w$ X2 b- |
training or education for you or your spouse or ! o9 O& ]7 d1 [1 X) q
common-law partner. You do not have to include the ; k" ^& t6 x. A- o _* I' `withdrawn amounts in your income, and the RRSP issuer 2 k( }0 D- P5 _3 |$ H
will not withhold tax on these amounts. ! Y% y& j: V2 m" O9 s
You have to repay these withdrawals to your RRSPs over a % e6 g; F9 N% [- E; q0 rperiod of no more than 10 years. Any amount that you do % K) l0 u5 ?7 x' f8 s! ?' j$ G
not repay when it is due will be included in your income 6 V. d$ i* J3 u; D! B. ]5 y* x l% z+ o
for the year it was due.