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Old 04-11-2011, 07:56 AM   #1
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First Time Home Buyers Question

So i bought a house a year ago, and saved on Tax's because it was my first house, and im living in it, etc..

Now im going to be getting married, but me and my fiance want to get another house, for us to live in together, and i want to keep my first house..

Since it would be her first house would we/she be able to get the first time home buyers Advantages, (Save on tax's lower Down Payment etc) , even if we are married, or would she have to buy the house before we get married to make that work?

We current dont live together.

Thanks
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Old 04-11-2011, 09:11 AM   #2
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Who is eligible for the HBTC?

You will qualify for the HBTC if:

* you or your spouse or common-law partner acquired a qualifying home; and
* you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years.
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Old 04-11-2011, 09:12 AM   #3
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If the 2nd house is under both your names then I believe 50% of the property is elegible for 1st time home owners grant up to 425k. Using her first time buyers grant.

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Old 04-11-2011, 01:40 PM   #4
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So in order for your wife to get the HBTC, her residence cannot be your home......wtf..? Looks like it's best to buy first, then get married
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Old 04-11-2011, 02:41 PM   #5
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i would say she would have to buy it initially and then do a split ownership after
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Old 04-11-2011, 02:48 PM   #6
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I believe you can be married, and as long as she doesnt live in the home that you own, she would qualify as a first time homebuyer.

I have a friend who lives with his gf who bought the place, but since he has his residence address as his parents place, he would still be considered a first time homebuyer.

For specific details i would look here:

http://www.cra-arc.gc.ca/tx/ndvdls/t.../menu-eng.html
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Old 04-11-2011, 06:09 PM   #7
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yes you can, but how are you going to convince the CRA that you're married for x number of years and not living together?

You should also calculate the total savings before making a decision...
tax credit, rrsp, hst rebate, timing, etc
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