Which of the following statements with respect to the Home Buyers' Plan (HBP) is NOT correct?
A) All amounts withdrawn must be repaid within 10 years of the year of withdrawal.
B) Amounts withdrawn must be used to acquire a dwelling by October 1 of the year following withdrawal.
C) The maximum RRSP withdrawal is $25,000 per individual.
D) In the year an individual departs from Canada, any outstanding HBP balance must be repaid by the due date for his tax return for the year of departure.
Correct Answer:
Verified
Q55: On April 1, 2019 Mrs. Wu contributed
Q56: During the year ending December 31, 2019,
Q57: Yukie has net employment income of $35,000.
Q58: Mrs. Jacks is employed by RME Industries
Q59: Mehrdad contributed $10,000 to an RRSP ten
Q61: Mr. Marco Marconi has net employment income
Q62: For 2019, Andrew Flack has Earned Income
Q63: On January 1, 2020 Mr. Yang celebrated
Q64: Mrs. Yus is 96 years old. She
Q65: Mrs. Alison Lair has 2019 Earned Income
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents