First Time Home Buyers Program (BC)
 

Since we moved in 2011 we've been ready and now ready to buy our first home in BC.

I've read through all the information at gov.bc We seem to be disqualified with the following clause - have never owned an interest in a principal residence anywhere in the world at any time.

Question - has anybody that previously owned a non-Canadian property, successfully applied for and been granted this tax exemption? :fingerscrossed:

Re: First Time Home Buyers Program (BC)
 

You are on about the the property transfer tax? I would suspect it is not a great idea to make a false legal declaration to claim a tax exemption from the government, knowing that one does not qualify. You may want to ask your lawyer when making the home purchase.

Re: First Time Home Buyers Program (BC)
 

Hi Aviator, thanks for the reply.

Indeed, yes, this is what I am referring to, however, I am not suggesting for a minute that I make a false declaration. I am merely trying to ascertain if anyone has declared their past property history in another country and still been approved for the exemption? TIA

Re: First Time Home Buyers Program (BC)
 

The clause seems to be pretty clear so it's hard to imagine that anyone will have been approved if they declared that they owned property previously.

Re: First Time Home Buyers Program (BC)
 

Do you mean the Home Buyers Plan (which allows you to use RRSP's) or the Home Buyers Tax Credit?
ARCHIVED – Home Buyers' Plan
ARCHIVED – First-Time Home Buyers' Tax Credit (HBTC)

These are Federal, not BC specific.

And no, I don't know anyone who has applied when they don't qualify. It's pretty clear - if you have owned a house elsewhere, you don't qualify. End of.

Re: First Time Home Buyers Program (BC)
 

For the purposes of the HBP: "You are considered a first-time home buyer if, in the four year period, you did not occupy a home that you or your current spouse or common-law partner owned."

Re: First Time Home Buyers Program (BC)
 

Fantastic, this is exactly what i'm after. Do you have the source of this info. This would mean that I can apply as we haven't owned a house since leaving the UK in 2011. Can you please provide a link? Thank you!

Re: First Time Home Buyers Program (BC)
 

It's a federal program: https://www.canada.ca/en/revenue-age...yers-plan.html

Re: First Time Home Buyers Program (BC)
 

Thank you Neill this is really helpful. I appreciate it very much. :thumbsup:

Re: First Time Home Buyers Program (BC)
 

I last owned a house (in the UK) in 2000 - but didldn't qualify for the First Time Home Owners Tax Credit when I purchased a house in Canada in 2011, although my son - who had never owned property before - did get it. (

I did give you the link to the Home Buyers Plan upthread, and told you that it was a federal program, not just BC. Perhaps you didn't see it? The HOme Buyers Plan is for those wishing to withdraw RRSP's to use towards the cost of a house.
:)

Re: First Time Home Buyers Program (BC)
 

The HOme Buyers Plan is for those wishing to withdraw RRSP's to use towards the cost of a house.

But, that money has to be paid back at some point, otherwise you’ll end up paying taxes on the amount originally withdrawn, I believe.

Re: First Time Home Buyers Program (BC)
 

Yes, understand. This is what we are trying to do!

Re: First Time Home Buyers Program (BC)
 

I am confused, up thread you said you were looking at the property transfer tax. This falls under the First Time Home Buyers Program, and you do not qualify if you have owned an interest in a principal residence at any time anywhere in the world - which is the clause quoted in your initial post.

Re: First Time Home Buyers Program (BC)
 

:goodpost:

+1!

Re: First Time Home Buyers Program (BC)
 

It appears that the following statement is true - You are considered a first-time home buyer if, in the four year period, you did not occupy a home that you or your current spouse or common-law partner owned.

That's ok, my husband hasn't owned one since 2011.