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Jerome and Laurie are signing the real estate papers tomorrow on the purchase of their first home. They both have Registered Retirement Saving Plans (RRSPs) at CIBC and are looking to use the Home Buyer's Plan (HBP) to make their down payment. As of today, December 17, 2021, the market value of Jerome's RRSP is at $23,765 while Laurie's is at $35,521. What is the maximum amount they can currently withdraw from their respective RRSPs with CIBC for their total down payment on a house under the HBP?

Home Buyer's Plan (HBP)

  • Withdraw up to $35,000 per borrower and up to $70,000 per couple.
  • 15 years to pay back the amount withdrawn

  1. $58,765
  2. $50,000
  3. $35,000
  4. $70,000
  5. $59,286

Reference no: EM133112073

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