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How much will the first repayment be in total

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Question - Ralph and Mary-Beth are first time home buyers in 2020. On October 1st, 2020, they both withdraw $25,000 from their respective RRSPs to make a down-payment on their home.

a. When must they begin repaying the amount borrowed from their RRSP?

b. How much will the first repayment be in total for both Ralph and Mary-Beth.

c. Assuming Ralph and Mary-Beth are truly first time home buyer's, under what circumstances would a withdrawal under the Home Buyer's Plan be disallowed?

Reference no: EM133114519

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