Jessica borrowed $24,500 under the HBP in 2017. Her husband Alfred also borrowed $17,500 under the homebuyers plan that same year. Choose the best answer that accurately describes the income tax consequences: Question options: Jessica and Alfred will have minimum payments of $1,633 and $1,458 respectively Because they are married, the Income Tax Act allows them to combine the minimum amounts and designate them as a single contribution to one plan only Alfred will have a minimum payment of $1,166 and Jessica can elect to omit the payment resulting in an increase to her income for the corresponding year If they both elect not to make their minimum payments for the corresponding year, they will receive a tax deduction that they can apply to a future year.

Answer rating: 100% (QA)

As per HBP plan the repayment needs to made in 15 years The ... View the full answer