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.
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).
For further information see Video Tax News Monthly Tax Update Newsletter, Issue No. 444.