Home Buyers' Plan HBP Questions

[Symcor]

My girlfriend and I are going to purchase a new home this month. She never bought a house before but I do own a house share with my sister right now. I have some questions hopefully people here can help me out.

Under HBP, individual's spouse and common-law partner cannot own a home. As I indicate earlier, I currently own a house but she and I do not live together. Therefore I should not qualify as her spouse or common-law, am I correct? Meaning she should be okay to withdraw her RRSP for downpayment...

If my assumption is correct, she should also qualify for the land transfer tax refund for both Ontario and Toronto, am I correct?

Thanks

[gavbo]

Yes I believe you are correct. As long as everything is under her name she is the one purchasing the home and therefore it is her first home purchase.

Common law would only apply if you have lived together for 2 years and the gov't knows about it. If not you should be fine.

[Symcor]

Yes I believe you are correct. As long as everything is under her name she is the one purchasing the home and therefore it is her first home purchase.

Common law would only apply if you have lived together for 2 years and the gov't knows about it. If not you should be fine.

The house is under both her name and mine. Will that be okay?

[rems]

The house is under both her name and mine. Will that be okay?

looks ok

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/cndtns/frst-eng.html

Example
In 2005, Arthur sold his home that he had occupied as his principal place of residence for five years.

He then moved into a rented apartment. In 2006, he met Janet and she decided to move in with him.

Janet was renting her apartment and had never owned a home.

Janet and Arthur plan to get married in August 2008.

They would like to withdraw funds from their RRSPs to participate in the HBP in September 2008.

Since Arthur owned and occupied his home during the period beginning January 1 of the fourth year before the year he wants to make the withdrawal, he is not considered a first-time home buyer, so he cannot participate in the HBP in 2008.

However, Janet is considered a first-time home buyer, since she never owned a home and did not live with Arthur during the period in which he owned and occupied his home as his principal residence. She can participate in the HBP in 2008, as long as all the other requirements are met.

[-=phelan=-]

actually i believe common law is 1 yr.

[gavbo]

actually i believe common law is 1 yr.

I stand corrected

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/prsnl-nf/mrtl-eng.html?=slnk