Which of the following is true about the Home Buyers' Plan?
A)It's a government program which enables first time home owners with less than five percent down payment to purchase a home using CMHC insurance.
B)It's a government program exempting Canadian first time home buyers in certain provinces from land transfer tax.
C)It's a government program allowing first time home buyers to withdraw $20000 from their RRSPs tax free as long as paid back within ten years.
D)It's a government program allowing first time home buyers to withdraw $25000 from their RRSPs tax free as long as paid back within fifteen years.

Question

Quizplus · Accepted Answer

The Home Buyers' Plan (HBP) is a Canadian government program that allows first time home buyers to withdraw up to $25,000 from their Registered Retirement Savings Plans (RRSPs) tax-free to purchase or build a qualifying home, provided the amount is repaid within 15 years.

Which of the Following Is True About the Home Buyers