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Couple Buying Investment Properties

luxome

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I have a friend (married) who has inherited their home that they live in right now (home is currently still under the parents name who is out of country) and would like to purchase their first property in Canada.

Question is, should they buy with only husband's name and get the first-time home buyer incentive and leave the wife's name out for future potential investment property (for her first-time buyer incentive)?

Although they have been married for many years, can each of them take advantage of the first-time home buyer incentive? or no, because they are married?
 

Karolina Armstrong

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Hi! An individual is considered a first-time homebuyer if neither the individual nor the individual's spouse or common-law partner owned and lived in another home in the year of the home purchase or in any of the four preceding calendar years. So, because they are married, they cannot individually take advantage of the tax credit. See: http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html#q3
 

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