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Lenny and Leena are very interested in the Home Buyer s Plan ( HBP ) . In order for them to participate in this type

Lenny and Leena are very interested in the Home Buyers Plan (HBP). In order for them to participate in this type of loan for a down payment on their home, they know that they need to withdraw from their Registered Retirement Savings Plan (RRSP) and that they must repay back into their RRSP a certain minimum amount each year. Leena has contributed $34,150 to her RRSP, while Lenny has contributed $38,550 to his RRSP. As of today, the market value of Leena's RRSP is $38,750, while her spouse's market value of his RRSP is $34,500. If they withdraw the maximum from their RRSP's for their down payment, what is the minimum that they must repay each year under the HBP? Hint: The withdrawal limit is $35,000 per person ($70,000 per couple) after March 19,2019.

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