First time home buyer question

[Nekura]

I was just wondering if anyone would happen to know, if say my wife bought our first condo under her name with a 5% down payment. Would I be able to buy our next house under my name still with the first time home buyer 5% down payment? Thanks.

[Godfuader]

Are you buying under the RSP First time Home-buyer's Plan? or just putting down 5% towards a home?

[el-nino]

yessir. But you can buy your 2nd home with 5% down anyways. If you wanted to utilize your RRSPs for your 1st home than yes but I believe you cannot put your wifes name on the mortgage.
I will find out for you.

[Jim Rome99]

The RRSP program is NOT a first-time homebuyers program.

Common misnomer. You can use it to buy a house at any stage of your life, regardless of how many times you have bought/sold houses previous. In fact, you can use the RRSP program more than once - as many times as you like, in fact, as long as you have paid back the loan to your RRSPs.

[FishPoo]

Errr.....

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

I would say if you're using the RSP - Home Buyers' Plan, you would not be able to do what you mentioned.



You have to be considered a first-time home buyer.

You are not considered a first-time home buyer if you or your spouse or common-law partner owned a home that you occupied as your principal place of residence during the period beginning January 1 of the fourth year before the year of withdrawal and ending 31 days before your withdrawal.

You have to meet this condition at the time you withdraw an amount from your RRSPs under the HBP.


There's also a great example on the page:



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.