When the APCHQ representatives appeared before the committee, I asked them another set of questions. I also mentioned them to your representatives in a previous session. I am quite favourable to the idea and, basically, I feel that it's a good one. However, like all good ideas, there can be abuse.
I have become aware of reports of potential abuse with the HBP, the Home Buyers Plan. It happens when one person transfers money in the form of an RRSP to the other spouse or contributes to the other spouse's RRSP in order for them to buy a home. The money is not repaid afterwards. So the family now has a second home. However, the two properties belong to two different individuals.
The money may not automatically be repaid, but it is taxed. However, if the spouse is not working, the tax is practically zero. So there they are with two homes coming from the same source of money. It seems to be happening more and more.
Could you confirm whether you are aware of the HBP being used in that way? My fear is that RRSPs given to children might also be used in the same way.
Could you address those concerns? My feeling is that, by virtue of its mandate, the plan is useful and a significant factor in providing access to a first home. I just want to make sure that is not being misused.