What will Trevor's minimum HBP repayment be for next year after his current contributions?

To determine Trevor's minimum Home Buyers' Plan (HBP) repayment for the following year, it is essential to understand how the HBP repayment works. Under the HBP, participants can withdraw funds from their Registered Retirement Savings Plans (RRSPs) to buy or build a qualifying home. However, participants must repay the amount withdrawn over a 15-year period, beginning the second year after the withdrawal.

The minimum annual repayment amount is calculated based on the total amount withdrawn. If Trevor had taken out a total of $10,000, for example, the minimum repayment would be:

Total amount withdrawn ÷ number of repayment years = Minimum annual repayment

$10,000 ÷ 15 years = $666.67.

However, the figure should be rounded to the nearest $10. Therefore, it would round up to $700, meaning that if Trevor did not carry forward any amount that he had already repaid or had any other contributions that could affect his minimum payment, this could provide some clarity.

To achieve the specific result of $692.31, one must consider any previous repayment or rate of withdrawal and relate it to the overall funded amount. For instance, if Trevor withdrew $10,385 over the years, the