GIFTED HOME – HOME BUYERS’ TAX CREDIT

Issue 429, May 2017

if a child or student has been gifted or bequeathed a home

In a February 2, 2017 French Technical Interpretation (2016-0674851C6, Beaulieu, Melanie), CRA noted that the first-time home buyers’ tax credit could still be available even if the home was acquired as a gift rather than a purchase. None of the conditions for receiving the credit are contingent on the property being purchased, but only that it be acquired.

Editors’ Comment
See VTN 406(13) for an article on the use of the Home Buyers’ Plan upon receipt of an inherited property.

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