Real Estate

CRA Homebuyers Plan Elgibility Question

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  • Feb 11th, 2021 7:45 pm
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Sep 8, 2008
238 posts
64 upvotes
Vancouver, Canada

CRA Homebuyers Plan Elgibility Question

I have been going round and round searching for answer from my tax accountant to banks, and being redirected by both to reach CRA, while on the usual wait line hearing the CRA wait tone of atleast 1 hour, typing my below concern;

Me and Spouse bought house to live in 2016. In 2016 we both applied to withdraw RRSP under Home Buyers Plan and we purchased the property for the very first time in the World.
We withdrew RRSP in 2016 under HBP. Me: $25000, Spouse: $2500

Balance of HBP as of Dec-2019 taxes: : Me: $21000. Spouse: $2200

I didn't earn significant income in 2020. But spouse grossed $75000. Spouse contributed to RRSP as well (Roughly $6000) . We still need to file 2020 taxes.

We are closing another property (selling existing one and changing principal residence to new house) in April-2021 (which will be after 4 years since our first purchase). I am seeing or correct me if I am wrong that if spouse pays her remaining HBP balance she could be eligible for HBP again?
Can somebody throw light here and if this exercise is beneficial financially or taxwise? We might do RRSP loan (if institutions doesn't allow to withdraw within 90 days of closing).
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1 reply
Deal Addict
Dec 6, 2006
2391 posts
781 upvotes
perfectcritic wrote: I have been going round and round searching for answer from my tax accountant to banks, and being redirected by both to reach CRA, while on the usual wait line hearing the CRA wait tone of atleast 1 hour, typing my below concern;

Me and Spouse bought house to live in 2016. In 2016 we both applied to withdraw RRSP under Home Buyers Plan and we purchased the property for the very first time in the World.
We withdrew RRSP in 2016 under HBP. Me: $25000, Spouse: $2500

Balance of HBP as of Dec-2019 taxes: : Me: $21000. Spouse: $2200

I didn't earn significant income in 2020. But spouse grossed $75000. Spouse contributed to RRSP as well (Roughly $6000) . We still need to file 2020 taxes.

We are closing another property (selling existing one and changing principal residence to new house) in April-2021 (which will be after 4 years since our first purchase). I am seeing or correct me if I am wrong that if spouse pays her remaining HBP balance she could be eligible for HBP again?
Can somebody throw light here and if this exercise is beneficial financially or taxwise? We might do RRSP loan (if institutions doesn't allow to withdraw within 90 days of closing).
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tax-time-im-public-accountant-so-ask-me ... #p34052833

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