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Is this guide for you?
' n4 z! q. S6 x: D& O9 \Use this guide if you want information about participating
' J5 c: r1 G. @) n, Lin the Lifelong Learning Plan (LLP). ) z0 \5 H7 @+ I$ N0 r# w- K
The LLP allows you to withdraw amounts from your 1 J% |8 v" S9 Y; [/ \: o, P. Z# _) X8 q
registered retirement savings plans (RRSPs) to finance b* }* ?. C7 }. X1 K' J7 z9 J& l
training or education for you or your spouse or
7 R- D* }0 m" o8 V q6 i. Ccommon-law partner. You do not have to include the 8 O6 L. F) |3 M1 o
withdrawn amounts in your income, and the RRSP issuer 6 r" O3 l6 h; T# B4 I
will not withhold tax on these amounts. # x( F- L, k1 x; }6 `& S" k. V- Q) C9 D
You have to repay these withdrawals to your RRSPs over a
3 S8 k7 U* D* @, p( L2 t4 A1 ~, ]period of no more than 10 years. Any amount that you do
+ q H% }( b6 }9 jnot repay when it is due will be included in your income : @2 c+ {) I5 }& D9 c e4 A
for the year it was due. |
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