Mohammed and Parm are recently married and neither of them has ever owned a home.They wish to use the Home Buyers' Plan (HBP)to make their down payment on their first home.If they each have $75000 in their RRSPs,how much can they access for their down payment through the HBP?
A)$100 000
B)$40 000
C)$25 000
D)$50 000

Question

Quizplus · Accepted Answer

Under the Home Buyers' Plan (HBP), each individual can withdraw up to $35,000 from their RRSPs to buy or build a qualifying home. Since both Mohammed and Parm are eligible and each has sufficient funds in their RRSPs, they can collectively withdraw up to $70,000 ($35,000 each) for their down payment.

Mohammed and Parm Are Recently Married and Neither of Them