Sentences with phrase «learning plan withdrawal»

As long as you pay the money back on time, over a period of 10 years, you don't have to pay tax on your Lifelong Learning Plan withdrawal.

Not exact matches

Read on to learn about navigating 401 (k) plan withdrawals.

Also, tax - free RRSP withdrawals up to $ 20,000 can be made under the Lifelong Learning Plan.

Karin Mizgala: If you withdraw funds from your RSP, you will pay tax on the amount you withdraw unless the withdrawal qualifies for the home buyers program or the lifelong learning plan.

All financial institutions are required by the CRA to charge applicable withholding taxes on lump sum retirement withdrawals in the same year, unless you're transferring the money to an RRIF or an annuity, or taking advantage of the Home Buyer's Plan or The Lifelong Learning Plan.

Getting specific, IRIC urges plan sponsors to learn more about guaranteed minimum withdrawal benefits (GMWB); deferred income annuities (DIA); and longevity insurance, including qualified longevity annuity contracts (QLAC).

There are exceptions when you take withdrawals under the Home Buyer's Plan (HBP) or Lifelong Learning Plan (LLP), for example, but these don't generally apply to someone in retirement.

(The only two withdrawals that must be redeposited are the Home Buyers Plan and Lifelong Learning Plan, which generally are used by younger people).

While we tend to think of the RRSP as an account strictly for retirement, there are programs for making withdrawals (loans) from your RRSP to buy a house or go back to school (the Home Buyer's Plan [HBP] and Lifelong Learning Plan [LLP]-RRB-.