HOME BUYERS PLAN (HBP) – PARTIAL INTEREST
In an April 30, 2018 Technical Interpretation (2017-0730991E5, Doiron, Wayne), CRA was asked whether a married couple who each acquired a partial interest in a home, with the original owner retaining an interest, would qualfy for an HBP withdrawal.
putting it in writing
CRA confirmed that joint ownership is sufficient to permit participation in the HBP. In addition, either legal ownership or beneficial ownership would be sufficient, so it is not essential that the individual’s name be on title. CRA noted that an agreement in writing to acquire the home would be required under the HBP criteria (Section 146.01).
See VTN 346(10) for details of the HBP.
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