Question
Sally is purchasing her first home and hopes to access the Home Buyers' Plan (HBP) to assist with her down payment. Sally will share the
Sally is purchasing her first home and hopes to access the Home Buyers' Plan (HBP) to assist with her down payment. Sally will share the home with her common-law partner, Sam, but the home will be registered in Sally's name only. Sam previously owned a home which he sold two years ago, when he divorced his first wife, Eleanor. Sam and Sally both own an RRSP, each with assets that exceed $100,000. Given these circumstances, what is the maximum amount that Sally and Sam are eligible to withdraw, from their respective RRSPs, under the HBP?
Question 20 options:
Neither Sally nor Sam are eligible for any HBP withdrawal | |
Sally is eligible for an HBP withdrawal up to $35,000 but Sam is not eligible for any amount | |
Sally is eligible for an HBP withdrawal up to $25,000, while Sam's withdrawal amount will be reduced any amount he used under the program while married to Eleanor | |
Sam and Sally can make a combined payment of $65,000 from the HBP |
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