Real Estate

Am I considered a First Time home buyer under HBP plan

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  • Jun 30th, 2016 4:41 pm
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[OP]
Newbie
Jan 27, 2010
97 posts
5 upvotes

Am I considered a First Time home buyer under HBP plan

Hello friends

I had a quick question relating to first time HBP plan:

Ever since we came to Canada I have been renting and am now moving to a small townhome which we are closing in end of July

I had RRSP saving of about 25K which I want to use but am not sure if I would be considered eligible because of the fact that my parents are staying in a condo back home in which agreement I am a joint owner (had to do that for mortgage purposes since my parents are retired)

I have never lived in that property since the past 8 years but am on the agreement for sale that my parents got into hence was wondering if I could be considered a First TIme Home Buyer for Canada home purposes

Any guidance would be of great help

Thanks
8 replies
Sr. Member
May 29, 2012
526 posts
190 upvotes
Southern Ontario
I would say maybe.
you mentioned since moving to Canada, if your parents' house is outside of Canada I'm fairly sure they wouldn't know about your purchase and you could sneak by.
If the house is inside of Canada I would say that you are not eligible for the HBP since technically you already purchased a house, (if your name is on the mortgage and deed).
The plan is a Home Buyers Plan, its to help buy a home, so if you already did that, then you missed the opportunity on that.
[OP]
Newbie
Jan 27, 2010
97 posts
5 upvotes
Thanks for the reply

My parents stay in India so the property is pretty much out of Canada
I was reading trhough the HBP eligiblity and it does not talk of where the property is situated hence am confused

On the Land Transfer Tax, the criteria was pretty clear that one should not own a home anywhere in the world so it was clear I am not eligible but for this RRSP withdrawal, it is unclear as it only states that you should not own a home in the past 4 years in order to qualify
Deal Addict
Nov 13, 2006
1159 posts
790 upvotes
Yes you are eligible for first time home buyer plan.
Sr. Member
May 6, 2015
671 posts
167 upvotes
Unionville, ON
You're eligible as your property is outside Canada. Enjoy the benefit and take full advantage =)
[OP]
Newbie
Jan 27, 2010
97 posts
5 upvotes
Thanks for the feedback rigalpatel and asifnana

just to confirm: it does not matter if my parents have a property in which I am a joint holder as long as the property is not situated in canada. I am renting here currently and have never owned a home in Canada. If you can point me to any clarification in this regard, it would be of great help
Deal Guru
User avatar
Mar 23, 2008
12208 posts
8608 upvotes
Edmonton
incanada wrote: Thanks for the feedback rigalpatel and asifnana

just to confirm: it does not matter if my parents have a property in which I am a joint holder as long as the property is not situated in canada. I am renting here currently and have never owned a home in Canada. If you can point me to any clarification in this regard, it would be of great help
Why not call Revenue Canada and ask?

C
Deal Addict
Dec 6, 2006
2407 posts
791 upvotes
incanada wrote: Hello friends

I had a quick question relating to first time HBP plan:

Ever since we came to Canada I have been renting and am now moving to a small townhome which we are closing in end of July

I had RRSP saving of about 25K which I want to use but am not sure if I would be considered eligible because of the fact that my parents are staying in a condo back home in which agreement I am a joint owner (had to do that for mortgage purposes since my parents are retired)

I have never lived in that property since the past 8 years but am on the agreement for sale that my parents got into hence was wondering if I could be considered a First TIme Home Buyer for Canada home purposes

Any guidance would be of great help

Thanks
You are eligible for HBP but not eligible for Land Transfer Tax Rebate since for the rebate you must not have owned property anywhere in the world.

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