Posted on: 11-03-11 23:39:28
Hi All,
I am looking for some help from all readers.
I have gone through CRA site for first time home buyer conditions but still not clear on the following condition
10 years ago my wife,her sister and her father has purchased home.
Her father was appear as prncipal home owner. Infact she did not withdraw RRSP at that time.
Curently we are living in the same house.
since we are near by closing date of our new house, can we qualify for first time home buyer.
Thank you.
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AB
A lawyer or tax accountant may be able to give a precise legal opinion on ths issue. However, with the information made available by you, it seems that this may not apply to you as your wife is on the title of a property.
If you are in Ontario, you may be eligible to your share of LTT rebate if you did not own any property anywhere in the preceeding five years. Your wife is not considered to be First Time Home Buyer for LTT purposes either.
CRA link http://www.cra-arc.gc.ca/nwsrm/fctshts/2010/m01/fs100121-eng.html
ON LTT rebate link http://www.rev.gov.on.ca/en/bulletins/ltt/1_2008.html
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Rajeev Narula, Broker, REALTOR®
ACE TEAM REALTY INC., Brokerage
10 Kingsbridge Garden Circle, Suite 704
(Opp Square One - HWY10/403)
Mississauga, ON L5R 3K6
Bus: 1-888-355-3155 Ext. 300
Fax: 1-888-443-3155
Email:
Web: http://www.RAJEEV.ca" rel="nofollow">LINK
Quote:
Originally posted by ashish_8602
Hi All,
I am looking for some help from all readers.
I have gone through CRA site for first time home buyer conditions but still not clear on the following condition
10 years ago my wife,her sister and her father has purchased home.
Her father was appear as prncipal home owner. Infact she did not withdraw RRSP at that time.
Curently we are living in the same house.
since we are near by closing date of our new house, can we qualify for first time home buyer.
Thank you.
You have to provide clear information in order to get a clear answer.
When your wife purchased the house with her sister and her Dad, was she married to you? If not, then after she married you, then you started living in the same house with her?
When you say that her father was the principal owner, so did your wife went only on the title of the house, or on mortgage only as one of the joint owners or was she only a co-signor or a guarantor only.
Answer these questions which will determine if you and your wife are first time home buyer or not.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
I am sharing here some tips for first time buyers, I hope it will help them a lot:
• Know your budget and pre-qualify with a lender.
• Consider what is most important to you and your family.
• Do your homework. Surf the web and come in educated.
• Consider quick-delivery homes and ask about incentives.
• Schedule appointments with your sales representative.
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