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10-14-2021, 07:08 PM
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#19476 | | It's like going crazy when you're already nuts
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10-14-2021, 07:21 PM
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#19477 | | ninja edits your posts without your knowledge
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Originally Posted by Great68  So the mother in law's place is sold. The couple that is buying wants an amendment to the purchase agreement so that it's 100% in the Husband's name. The reason: So the wife can claim the first time home buyers exemption when they decide to buy another property.
Gotta admire working the system. Jesus. | Quote:
Originally Posted by Hondaracer Yea..wife and I fucked up on that part..
Although it’s not like I’d be buying another property anytime soon lol | Same...  | 
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10-14-2021, 08:08 PM
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#19478 | | Willing to sell body for a few minutes on RS
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Originally Posted by Great68 So the mother in law's place is sold. The couple that is buying wants an amendment to the purchase agreement so that it's 100% in the Husband's name. The reason: So the wife can claim the first time home buyers exemption when they decide to buy another property.
Gotta admire working the system. Jesus. | What happens if they separate? 
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10-14-2021, 08:50 PM
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#19479 | | Even when im right, revscene.net is still right!
Join Date: Jan 2013 Location: Vancouver
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First time homebuyer exemption for what? RRSP borrowing tax free?
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10-14-2021, 08:52 PM
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#19480 | | Willing to sell body for a few minutes on RS
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Originally Posted by Special K First time homebuyer exemption for what? RRSP borrowing tax free? | Property transfer tax.
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10-14-2021, 11:22 PM
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#19481 | | Even when im right, revscene.net is still right!
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PTT is only for property less than $525k, isn’t it? The buyer wishing to amend the contract is buying a detached in Burnaby worth $1.5-2M
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10-14-2021, 11:31 PM
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#19482 | | Need to Seek Professional Help
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FTHB exemption is great for buying an investment condo. I did the same thing and screwed up with my wife by putting both of our names down on our first property lol.
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10-15-2021, 01:18 AM
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#19483 | | I answer every Emotion with an emoticon
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Man all this talk about damn made the mistake of putting wifeys name on now we can't use the FTHB exemption. Too many RS ballers I can't afford to get a mortgage on single income lol
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10-15-2021, 05:48 AM
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#19484 | | I contribute to threads in the offtopic forum
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Originally Posted by Special K PTT is only for property less than $525k, isn’t it? The buyer wishing to amend the contract is buying a detached in Burnaby worth $1.5-2M | PTT exemption is only for stuff under $500k: https://www2.gov.bc.ca/gov/content/t...me-home-buyers
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10-15-2021, 06:31 AM
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#19485 | | Willing to sell body for a few minutes on RS
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So basically you could avoid the taxes if your first home is a cardboard box.
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Originally Posted by boostfever Westopher is correct. | Quote:
Originally Posted by fsy82 seems like you got a dick up your ass well..get that checked | Quote:
Originally Posted by punkwax Well.. I’d hate to be the first to say it, but Westopher is correct. | | |
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10-15-2021, 06:34 AM
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#19486 | | I have named my kids VIC and VLS
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Back when it was rolled out and we bought our place 500k could actually buy something (kinda) lol.. :/
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10-15-2021, 06:52 AM
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#19487 | | I *heart* Revscene.net very Muchie
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This is why you don't add your kids to the house to reborrow or for estates  | |
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10-15-2021, 06:56 AM
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#19488 | | Rs has made me the woman i am today!
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this wife is smart
or husband is a lucky guy
__________________ There's a phallic symbol infront of my car Quote: |
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10-15-2021, 07:15 AM
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#19489 | | Willing to sell body for a few minutes on RS
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Originally Posted by Hondaracer Back when it was rolled out and we bought our place 500k could actually buy something (kinda) lol.. :/ | Yeah when I bought the threshold was $425k.
We had a bit of back and forth negotiations on the price, but I think the sellers knew that our walk away price was going to be anything over that threshold and came down.
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10-15-2021, 07:42 AM
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#19490 | | Rs has made me the woman i am today!
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Originally Posted by Special K PTT is only for property less than $525k, isn’t it? The buyer wishing to amend the contract is buying a detached in Burnaby worth $1.5-2M | PTT is <$525K or if your home is a brand new build (even then there are some rules surrounding the limitation). As many mentioned, it's really a one-bedroom condo to get PTT waived.
This wife is skirting around the capital gains for principal residence when the property is sold.
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10-15-2021, 08:42 AM
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#19491 | | Rs has made me the man i am today!
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Originally Posted by Great68 So the mother in law's place is sold. The couple that is buying wants an amendment to the purchase agreement so that it's 100% in the Husband's name. The reason: So the wife can claim the first time home buyers exemption when they decide to buy another property.
Gotta admire working the system. Jesus. | Quote:
Originally Posted by Special K PTT is only for property less than $525k, isn’t it? The buyer wishing to amend the contract is buying a detached in Burnaby worth $1.5-2M | Quote:
Originally Posted by Euro7r PTT is <$525K or if your home is a brand new build (even then there are some rules surrounding the limitation). As many mentioned, it's really a one-bedroom condo to get PTT waived.
This wife is skirting around the capital gains for principal residence when the property is sold. | I thought there's a clause where if you are married and it's a principle residence of one of the spouses, you lost the 1st time owner's PTT credit.
I remember when we bought our TH it was 521k and it was just over the PTT credit limit. They bumped it up soon after and it seemed like it made more sense. With the recent jump in prices the credit is all a joke again.
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10-15-2021, 08:44 AM
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#19492 | | RS controls my life!
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Originally Posted by EvoFire I thought there's a clause where if you are married and it's a principle residence of one of the spouses, you lost the 1st time owner's PTT credit. | This is me.
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10-15-2021, 08:48 AM
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#19493 | | I *heart* Revscene.net very Muchie
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Don't get married??? Profit  | |
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10-15-2021, 08:55 AM
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#19494 | | Willing to sell body for a few minutes on RS
Join Date: Mar 2002 Location: Victoria
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Originally Posted by EvoFire I thought there's a clause where if you are married and it's a principle residence of one of the spouses, you lost the 1st time owner's PTT credit. | I don't think so, the website doesn't say anything about that, just:
"Have never owned a registered interest in a property that was your principal residence anywhere in the world at any time"
If a spouse isn't on the title, they wouldn't have a registered interest in the property.
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10-15-2021, 09:42 AM
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#19495 | | I *heart* Revscene.net very Muchie
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I think you are getting the policies mixed up, there's also the hbp that lets you take $35000 out of your rsp for first time home buying. That talks about spouse.
You are considered a first-time home buyer if, in the four-year period, you did not occupy a home that you or your current spouse or common-law partner owned.
Note
Even if you or your spouse or common-law partner has previously owned a home, you may still be considered a first-time home buyer.
If you have a spouse or common-law partner, it is possible that only one of you is a first-time home buyer.
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10-15-2021, 10:19 AM
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#19496 | | Willing to sell body for a few minutes on RS
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Originally Posted by JDMDreams I think you are getting the policies mixed up, there's also the hbp that lets you take $35000 out of your rsp for first time home buying. That talks about spouse.
You are considered a first-time home buyer if, in the four-year period, you did not occupy a home that you or your current spouse or common-law partner owned.
Note
Even if you or your spouse or common-law partner has previously owned a home, you may still be considered a first-time home buyer.
If you have a spouse or common-law partner, it is possible that only one of you is a first-time home buyer. | Correct.
Home Buyer's Plan (Federal) makes the stipulation about spouse.
The Property Transfer Tax exemption (provincial) does not make a stipulation about spouse.
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A vehicle for all occasions
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10-15-2021, 10:37 AM
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#19497 | | I *heart* Revscene.net very Muchie
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But yea PTT waiver is basically useless as most young buyers these days thinks they are too good to live in a 30y old wooden shack for under the $525 threshold.
Yet they don't have the down payment or the income to buy that shack  | |
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10-15-2021, 11:10 AM
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#19498 | | RS has made me the bitter person i am today!
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Originally Posted by winson604 Too many RS ballers I can't afford to get a mortgage on single income lol | just start working 170 hours a week. No problem...  Quote:
Originally Posted by JDMDreams Don't get married??? Profit | dis is de wae. 
In other news I just bought a new place. Huge disparity in what mtg advisors were telling me. Like crazy shit. Without throwing out actual numbers, I had one mtg advisor tell me you need 160k/annual income for each 500k of mtg. And he said it was irrelevant what the downpayment on the property was. I told him he was retarded and went elsewhere, because based on what he was saying I would have been putting over 60% down to buy the place I wanted.
In the end I went with my preferred bank (BMO) where all my other accounts are. 5 year variable at 1.32. Glad to be rid of scotia where my previous mtg was, what a fucking cluster fuck they are. They make it impossible to do anything, and its a different person every single time you need to do anything. My experience with scotia was poor from beginning to end.
Last edited by meme405; 10-15-2021 at 11:16 AM.
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10-15-2021, 11:26 AM
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#19499 | | I have named my kids VIC and VLS
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I also had a terrible experience with Scotia and the woman who was trying to push through our renewal was brutal, painfully slow to respond, useless in questions etc.
Then when we finally went into the branch to renew she was sick and we dealt with the lending manager who made everything a breeze and could do everything we asked on the spot (getting more money, extending HELOC, etc.)
In hindsight I would never go with Scotia for anything but since we were already with them made some sense to stay there
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10-15-2021, 11:49 AM
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#19500 | | I contribute to threads in the offtopic forum
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Originally Posted by westopher So basically you could avoid the taxes if your first home is a cardboard box. | https://www.rew.ca/properties/areas/...ancouver%2C+BC
Check out all them classy joints you can get in Vancouver for less than $500k including a few wine cellars and a parking spot.
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