Looking for some info on HBP RRSP withdrawl

[spike98]

I have searched high and low and have not found the answers i am looking for.

I understand the basic requirements for the HBP but i am wondering if i would qualify as a first time home owner. I was a co-borrower on the current place i am living and i need to upgrade to expand my family.

Would i still qualify as a first time home owner as i have not been the sole owner of a home yet?

Im thinking no but i thought i would reach out to see if my thoughts are right.

[yellowsnow]

I'm fairly certain you would only qualify under the first time HBP if you never owned/co-owned your principal residence.

Since you are living in your current place, then no you won't be eligible.

[Disoblige]

Correct me if I'm wrong, but since you were a co-borrower and living there, could you not have taken a total of $50k instead of 25 from RRSP? In that case, what did you end up doing?

[parapara_vince]

I think you should just call the bank and ask as I think they must have dealt with cases similar to yours and would have a pretty good idea if you qualify to HBP. But based on HBP definition, since you do not own the property (you are not in the home title), then you could argue that you do qualify by definition.

[skandalouz_08]

If I understand correctly co-borrower means part owner of the home which is your primary residence. You wouldn't qualify under the HBP.

Even if it were a rental I'm fairly certain you wouldn't qualify. They look at whether you purchased a home. Look up the HBP questionnaire you have to fill out with the yes/no questions and that should help you determine if you qualify.

[joegrang]

If your significant other hasn't ever owned a home, she can withdraw out of her HBP.

[msommers]

Just call the CRA and ask. They're super helpful and you'll get a definitive answer. I had a lot of (stupid) questions when I was starting up my company about write-offs etc and ended up getting a direct number haha.

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

http://www.cra-arc.gc.ca/cntct/menu-eng.html