Real Estate

Home Buyer Plan eligibility

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  • May 26th, 2021 7:28 pm
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[OP]
Sr. Member
Mar 25, 2005
642 posts
63 upvotes
Bowmanville

Home Buyer Plan eligibility

I'm on hold with CRA but want people's thoughts on this

Am I a first time home buyer as considered by CRA in its definition if:

1) I've owned a property, AND;
2) I've not resided in that property since October 2016 ( over 4 years ).
5 replies
Deal Addict
User avatar
Mar 30, 2010
3370 posts
1324 upvotes
Greater Toronto Area
You're on title for the property you currently own even though you're not living in it. So no, you wouldn't be considered a first time homebuyer.
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[OP]
Sr. Member
Mar 25, 2005
642 posts
63 upvotes
Bowmanville
Are you sure because this is what the definition is based on CRA:

You are considered a first-time home buyer if, in the four year period, you did not occupy a home that you owned, or one that your current spouse or common-law partner owned.
Deal Addict
User avatar
Mar 30, 2010
3370 posts
1324 upvotes
Greater Toronto Area
tg82 wrote: Are you sure because this is what the definition is based on CRA:

You are considered a first-time home buyer if, in the four year period, you did not occupy a home that you owned, or one that your current spouse or common-law partner owned.
I was pretty sure up until I read that... so I might be wrong.

I just did some more digging and that does seem to be the consensus. Looks like purchasing a rental property does not void your eligibility at all.
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Deal Addict
Mar 3, 2018
2239 posts
2278 upvotes
GTA
If the other property was a rental property then you would qualify for the HBP. If it was a cottage and you used it occasionally then that could be considered occupying. Also it would conflict with claiming a principal residence exemption for capital gains tax purposes on a cottage.
[OP]
Sr. Member
Mar 25, 2005
642 posts
63 upvotes
Bowmanville
dc200 wrote: I was pretty sure up until I read that... so I might be wrong.

I just did some more digging and that does seem to be the consensus. Looks like purchasing a rental property does not void your eligibility at all.
Yeah and there's differences in that definition depending on program - whether its HBP or LTT.

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