Selma and Ricardo just got married on Valentine’s day, February 14, 2021 and wish to purchase…

Selma and Ricardo just got married on Valentine’s day, February 14, 2021 and wish to purchase their first home. To date, Selma has $63,230 in her RRSP while Ricardo has $24,389 in his RRSP. They have found the perfect home on the market for $290,000 and have withdrawn the maximum permitted from their respective RRSP’s to put towards their first home under the Home Buyers’ Plan (HBP). Calculate the minimum annual repayment that Selma and Ricardo each need to repay to their RRSP for this withdrawal under the HBP? Note that the limit for HBP withdrawals is $35,000 for withdrawals made after March 19, 2019.

Points: 1

1. Selma $2,333 and Ricardo $1,626

2. Selma $2,333 and Ricardo $2,333

3. Selma $4,215 and Ricardo $1,667

4. Selma $1,667 and Ricardo $1,667

5. Selma $4,215 and Ricardo $1,626