Personal Finance

Purchase of a home & tax incentives

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  • Apr 21st, 2015 9:46 am
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Jr. Member
Jan 6, 2008
110 posts
26 upvotes

Purchase of a home & tax incentives

The wife and I are looking to finally buy our first house. For reasons of privacy, we'd prefer that she buy the house herself (keeping me off title) and that I guarantee the mortgage. However, I don’t know whether doing so would deprive me of the various home renovation tax rebates & incentives I’ve heard about.

I'd be grateful for any thoughts or insight.
2 replies
Deal Addict
Jun 27, 2005
1071 posts
148 upvotes
Toronto, ON
If you are left off the title, then you should technically still get to keep your incentives. The difficult part is finding a lender that allows you to be a guarantor without being on the title. Most likely they will want you on the title as a co-signer.
Jr. Member
Jan 6, 2008
110 posts
26 upvotes
Thanks!

I had thought so too, but the bank preapproved her with me only acting as guarantor. I explained it to the loan officer, who had a couple of questions and then agreed to proceed.

So I'm guessing then that the incentives (ie rebates for conversion of old furnaces, sealing of foundation, new thermostats, etc) are transferable? Tax rebates will be worth a lot less in my wife's hands.

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