Abraham plans to purchase his first home and withdraw $20,000 from his RRSP this year (Year...

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Abraham plans to purchase his first home and withdraw $20,000 from his RRSP this year (Year 1). He properly completed the application for the Home Buyers' Plan (HBP) at the financial institution where his RRSP is on deposit. Which of the following statements is FALSE regarding the minimum requirements that Abraham must meet?* O The home must be purchased by October 1 of Year 2 O The minimum annual repayment is $1,200 O The first payment is due in Year 3 or in the first 60 days of Year 4 O The minimum annual repayment is $1,333 Abraham plans to purchase his first home and withdraw $20,000 from his RRSP this year (Year 1). He properly completed the application for the Home Buyers' Plan (HBP) at the financial institution where his RRSP is on deposit. Which of the following statements is FALSE regarding the minimum requirements that Abraham must meet?* O The home must be purchased by October 1 of Year 2 O The minimum annual repayment is $1,200 O The first payment is due in Year 3 or in the first 60 days of Year 4 O The minimum annual repayment is $1,333

Answer rating: 100% (QA)

The correct option is The minimum annual repayment is 1200 Reason In ... View the full answer