News   May 28, 2024
 1.3K     1 
News   May 28, 2024
 1.7K     0 
News   May 28, 2024
 582     0 

Assignment sale + first time home buyer question

nx6288

New Member
Member Bio
Joined
Aug 1, 2013
Messages
28
Reaction score
0
Hey all,

Long story short, I boguht a pre-con condo in June 2013 and have been having thoughts of selling that on assignment and buying a home in the next year or so. My question is really around whether I would still qualify for first time home buyer for the house if I were to sell this condo on assignment. I was initially planning on getting a roommate for this condo and then sell it a year or 2 after occupancy anyways. I was thinking that I should still qualify since the condo isn't even registered (or built) yet but just wanted to make sure.

Appreciate your insights.

Thanks!
 
Hey all,

Long story short, I boguht a pre-con condo in June 2013 and have been having thoughts of selling that on assignment and buying a home in the next year or so. My question is really around whether I would still qualify for first time home buyer for the house if I were to sell this condo on assignment. I was initially planning on getting a roommate for this condo and then sell it a year or 2 after occupancy anyways. I was thinking that I should still qualify since the condo isn't even registered (or built) yet but just wanted to make sure.

Appreciate your insights.

Thanks!

Here is my take.

The following comments should not be taken as a tax advise.

I have pasted links to CRA website.

A "Qualifying" home must be registered to you.

Since you will not be getting the title to the unit, the unit will not be registered to you.

For any further fine details, please, call CRA call centre at 1-800-959-8281

http://www.cra-arc.gc.ca/hbtc/

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns360-390/369/qlfynghm-eng.html
 
Last edited:
You haven't even closed yet. So there is no record of you being a first time buyer. So you are eligible.
 

Back
Top