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The LLP allows you to withdraw amounts from your registered retirement savings plans (RRSPs) to finance training or education for you or your spouse or common-law partner. You do not have to include the withdrawn amounts in your income, and the RRSP issuer will not withhold tax on these amounts.
You have to repay these withdrawals to your RRSPs over a period of no more than 10 years. Any amount that you do not repay when it is due will be included in your income for the year it was due.
For details about the plan and eligibility requirements, speak to a Member Services Rep at your branch or visit the Canada Revenue Agency website.
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| Member Services
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Education Centre
519-742-3500 |
TechTown
Branch 519-772-3050
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