New home Tax question

[vkesava1]

Hi there,

My home is still under construction, i signed up the agreement back in 2014. For this question should i say yes or no ?

" did you buy a home, condo, apartment or mobile home this year? Check Yes to determine if you qualify for the first-time home buyers amount" ?

I have a RRSP and will be taking out on HBP while possession ( june 2015), if i say yes, will i be able to take it out still ?

Please help. Thanks

[G]

I think you technically didn't buy a home until you signed all the papers and get possession.

Also,

GST Rebate Calculation Chart for New Homes
1.Purchase Price ◦$350,000 or Less – $8750 or 36% of the GST paid, whichever is less
◦Between $350,000 to $450,000 – $8750 X ($450,000 – Price)/100,000
◦$450,000 or more – No Rebate

[mo_money2supe]

We bought our new build and signed all the papers (minus the possession day deficiency list) in Dec. 2009 but didn't take possession of the house until July 2010. I recall we only claimed the property/HBP/RRSP on the 2010 income tax. IMO, chances are you'll be earning more the next year anyway (maybe even a higher tax bracket) so you may as well delay the new house/HBP/RRSP claim as long as you can to take advantage of the lower taxes/higher return at a higher income.