Monir and Jackie carry quite a lot of debt, despite their high income. Both lease their cars at a combined cost of $2,300 a month. Their recently-built house carries a $1,000,000 mortgage at a rate of 2.4%, 5-year term, with monthly payments over 25 years. Theirs was not a conventional mortgage, but a high-ratio mortgage at a 90% loan-to-value ratio. Other monthly debt charges (line of credit, credit card, etc.) amount to $5,000 a month. Municipal taxes and heating costs amount to $900 a month. They were First Time Home Buyers.

The couple drew down $80,000 from their RRSPs on July 15 of 2021 under the Home Buyers Plan (Monir had been an employee in a prior career and had made contributions). Identify 4 requirements they would have had to meet to qualify for the HBP.

HBP Criteria

Home Buyers Plan (HBP)
Withdrawals made after March 19, 2019	Withdrawals made prior to March 19, 2019
Withdraw up to $35,000 per borrower and up to $70,000 per couple. 15 years to pay back the amount withdrawn	Withdraw up to $25,000 per borrower and up to $50,000 per couple. 15 years to pay back the amount withdrawn