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Monday, January 10, 2011

question re: HBP

I am trying to figure out if I am eligible to use my RRSP money for the Home Buyers Plan.
Here's the scenario:

My wife bought a condo and used her HBP in 2005. We were not together at the time. We met in 2006. We were married in 2008. We've both lived in the condo to date and its our principal residence. My name is not on the condo (deed, mortgage etc.) but we do have joint financial accounts. I have never owned a home.


We intend to purchase a new principal residence in spring of 2011. We are unsure if we are selling or renting out the condo. The new home will likely be in both our names (but if I can qualify alone and this means access to HBP then that's preferable but not likely).


So, my question is - based on what I've described above - do I qualify as a "first-time home buyer"?


Reading
this link is bloody confusing.

Specifically, my [now] spouse did own a home in 2007 (4 years before 2011) however we were not married in 07 but I was living with her, so I'm curious if that factors into things today?


my interpretation of that link is no.
because u lived in the same condo which she owns and is her principle place of residence as well as yours.
the 4-5 year thing applies after when you sell your home.
So you would not be eligible for Home Buyer Plan till 4 calendar years after selling the existing home and not live in a principal home during this time.

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