E6 70Questions 66-70 are based on the Salim and Lathika Hussein case studySalim and Lathika Hussein have been married for two years. Salim is 47 years old; Lathika is 42years of age. Lathika is a chartered accountant and earns a salary of $128,000. Salim is a bus driverfor city transit and earns a salary of $62,500. His salary last year was $60,200.Currently, Salim and Lathika live in an apartment however, they are saving in the hopes ofpurchasing their own home in the near future. When they do make the purchase, the property willbe registered in both names as joint tenants. Lathika did own her own home in partnership with herex-husband during her previous marriage however, that property was sold three years ago as part ofher divorce settlement. Salim has never owned a home that he has used as his principal residence.Lathika has an RRSP to which she makes regular contributions. There was however a period of fouryears during which she did not contribute the maximum amount permitted and consequently, shehas accumulated a carryforward of $19,400. Lathika's RRSP has a current market value of$295,000. Assume the RRSP contribution limit for last year was $26,230 and the limit for this yearis $26,500.Lathika is a member of her company's defined benefit registered pension plan. The RPP is a best-earni plan where a 1.5% unit percentage is applied the average of the bes five years ofpensionable service.Salim and Lathika have a joint non-registered investment account with a fair market value of$86,000. Earlier this year, Salim and Lathika purchased a townhouse which they use strictly as arental property. The townhouse is also registered in both names as joint tenants.If Salim and Lathika decide to purchase a house in which they want to live, what is the EARLIESTdate the couple can participate in the Home Buyers' Plan (HBP)?Oa) immediately: however, the house must be registered in Salim's name only given that Lathikahas previously owned her own homeOb) never: the fact Lathika has previously owned her own home automatically disqualifies her andSalim from participating in the HBPO c) not until they sell their rental property (and assuming they do not own any other type of realestate): they will be able to participate in the HBP five years following the sale date of therental propertyOd) January 1st in two years,

Home buyers plan is the plan which is used by the taxpayers of the Canada Country so that they can…

Answered: If Salim and Lathika decide to purchase…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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If Salim and Lathika decide to purchase a house in which they want to live, what is the EARLIEST date the couple can participate in the Home Buyers' Plan (HBP)?