Question: question: Table C: Old rules: withdraw up to $ 3 5 , 0 0 0 per borrower ( $ 7 0 , 0 0 0

question: Table C: Old rules: withdraw up to $35,000 per borrower ($70,000 per couple), and 15 years to pay back the amount withdrawn New rules: withdrawal limit increased to $60,000 per borrower ($120,000 per couple) for withdrawals made after April 2024 TABLE E Registered Retirement Savings Plan (RRSP): Annual Limits Formula for RRSP contribution limit: 18% of your previous year's earned income less your previous year's pension adjustment to an annual maximum. Year Annual maximum contribution limit 2022 $29,2102023 $30,7802024 $31,560 using the tables answer the question : a) It is April 3,2025, a month after the fire, and Arya and Max have decided to buy a studio condo together for $250,000 on the outskirts of Vancouver, using the Home Buyers Plan (HBP) for their down payment. They plan to withdraw the maximum amount from their Registered Retirement Savings Plans (RRSPs). Maxs RRSP currently has a market value of $32,430, and Aryas has a market value of $34,270. Their total RRSP contributions to date are $32,000 for Max and $30,000 for Arya. They are now ready to go to the bank to sign the HBP paperwork and want to know the total amount they can withdraw today from their RRSP accounts to maximize their down payment. Hint: The current HBP withdrawal limit is $60,000 per eligible person ($120,000 per couple) for withdrawals made after April 16,2024. The previous limit was $35,000 per person ($70,000 per couple).(1 mark) Calculate the total amount they can withdraw from their current RRSP accounts at their bank under the HBP using the current HBP withdrawal limit of up to $60,000 per eligible person ($120,000 per couple).(1 mark)

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