2. Jax and Jackie are signing their mortgage today with regards to the purchase of their first condo. As they have no other savings other than their Registered Retirement Savings Plan (RRSP), they are required to participate in the Home Buyers Plan (HBP) for the entire down payment. To date, Jax has contributed $25,700 while Jackie has contributed $41,200. At the beginning of the year on January 1, 2023, the market value of their RRSP's was $43,890 for Jax and $52,310 for Jackie. With the recent downturn in the markets, as of today, the market value of Jax's RRSP is $34,150 and Jackie's is $35,350. They need to let the bank know today how much they have for a down payment. What is the maximum amount they can withdraw from their respective RRSP's to put towards their down payment on a home under the HBP?
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Answer rating: 100% (QA)

The Home Buyers Plan HBP allows individuals to withdraw funds from their RRSPs to help pu... View the full answer