Which of the following statements with respect to the Home Buyers' Plan (HBP) is not correct?
1) Future minimum payments are recalculated if a payment in excess of the minimum payment is made.
2) All amounts withdrawn must be repaid within 10 years of the year of withdrawal.
3) The maximum RRSP withdrawal is $35,000 per individual.
4) Amounts withdrawn must be used to acquire a dwelling by October 1 of the year following withdrawal.