Under the Home Buyers' Plan, what is the maximum borrowing amount per RRSP?

Under the Home Buyers' Plan, what is the maximum borrowing amount per RRSP?

• A. $20,000
• B. $25,000
• C. $35,000
• D. $40,000

Answer: (C)

Under the Home Buyers' Plan you can withdraw funds from your RRSP to buy or build a home, up to a specific limit. The maximum you can withdraw is $35,000 in total from your RRSPs. If you’re purchasing with a spouse or partner, each of you can withdraw up to $35,000, giving a potential combined total of $70,000 for the household. The withdrawn amount must be repaid to the RRSP over 15 years, starting the second year after the withdrawal; if you don’t repay, the shortfall is included as taxable income for the year.

Under the Home Buyers' Plan you can withdraw funds from your RRSP to buy or build a home, up to a specific limit. The maximum you can withdraw is $35,000 in total from your RRSPs. If you’re purchasing with a spouse or partner, each of you can withdraw up to $35,000, giving a potential combined total of $70,000 for the household. The withdrawn amount must be repaid to the RRSP over 15 years, starting the second year after the withdrawal; if you don’t repay, the shortfall is included as taxable income for the year.