The Home Buyers' Plan (HBP) allows individuals to withdraw from their RRSPs to buy or build a qualifying home. The withdrawn amount must be repaid over a 15-year period, starting the second year after the withdrawal. If the minimum required repayment for a year is not made, that shortfall is included in the individual's taxable income for that year. This ensures the tax-deferred funds are either returned to the RRSP or taxed as income.

A. To qualify- as a first-time home buyer you or your spouse must never have previously owned a home: This is incorrect. You qualify if you did not occupy a home you or your current spouse owned in the four-year period before withdrawal.

C. A qualifying home must be purchased by December 31 of the year of withdrawal: This is incorrect. The home must be acquired or built before October 1 of the year following the year of the first withdrawal.

D. If you have a spouse or common-law partner, each of you can withdraw up to JE50.000 from your registered retirement savings plans (RRSPs).: This is incorrect. The withdrawal limit per person is currently $35,000, not $50,000. The "JE" is a typographical error.

Canada Revenue Agency. (2024). Chapter 6 - Repayments to your RRSPs under the HBP. In Guide RC4135(E) Home Buyers' Plan (HBP). Retrieved from https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan/repayments-your-rrsps.html (Details the tax consequences of missed repayments).

Canada Revenue Agency. (2024). Chapter 2 - Who can participate in the HBP?. In Guide RC4135(E) Home Buyers' Plan (HBP). Retrieved from https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan/participate-home-buyers-plan.html (Defines the "first-time home buyer" condition).

Canadian Securities Institute. (2022). Investment Funds in Canada Course Textbook, Volume 1, Chapter 6: Registered Plans, Section 3.2: The Home Buyers' Plan (HBP). (Covers the rules and features of the HBP, including repayment terms).