Who qualifies for the RRSP Home Buyers' Plan?

Study for the Canadian Institute of Financial Planning Exam. Utilize flashcards and multiple choice questions, each equipped with hints and explanations to aid your preparation. Get ready to conquer your exam with confidence!

The correct answer is that John qualifies for the RRSP Home Buyers' Plan. This program is designed for first-time homebuyers who wish to use their Registered Retirement Savings Plan (RRSP) funds to assist in purchasing a home. The key requirement is that the individual must not have owned a home in the previous four years before withdrawing from their RRSP under this plan.

John matches this criterion perfectly as he has never owned a home and is looking to buy a condo, making him eligible to benefit from the RRSP Home Buyers' Plan.

Considering the other options, Mark is looking to purchase a house with the intention of renting it out, which does not qualify him under the plan, as this program is meant for personal residential use. Susie, who wishes to buy a mobile home in a trailer park, might also not meet the definition of a qualifying home under this specific plan, which often specifies traditional houses or structures designated as homes. Jane, who already owns a home and intends to buy another, does not qualify since she does not meet the first-time buyer condition, which is integral to the program's eligibility.

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