Hello, Everybody,
Thank you in advance for your help!
Our situation is the next. My wife owned a house in USA before marriage. Now we are married, moved to Canada (citizen and permanent resident), and she still owns US house. So we would like to check three questions.
1. In British Coulmbia they allow to avoid Property transfer tax if person never owned a house anywhere in the world and did not have any interest. As I never owned a house, will I qualify or will not as my wife still owns?
2. Federal government allows to borrow money from RRSP for first time home buyers (neither purchaser or his spouse should own a house). Federal websites do not say "anywhere in the world". Do you know if my wife or me qualify for this withdrawal?
3. For BC purchase. Do we indeed mhst live 12 months there to be considered as residents, or can we have 5now and apply for the tax refund 7months later?
Thank you!
Hennady.
New house in Canada as a first time home buyer
Moderator: Mark T Serbinski CA CPA
-
- Posts: 54
- Joined: Sun Oct 26, 2014 12:03 am
- Location: Victoria, BC, Canada
Hey hennady,
1. I'd make an anonymous call to BC Assessment Authority and find out if you can do it if the title is wholly in your name. I doubt you can, but worth asking.
2. If they say neither spouse should own a house, I suspect you won't get away with it, but an anonymous call to CRA should clear that up too.
3. Are you talking about a refund for the transfer tax? Again, an anonymous call to BC Assessment should clear that up.
1. I'd make an anonymous call to BC Assessment Authority and find out if you can do it if the title is wholly in your name. I doubt you can, but worth asking.
2. If they say neither spouse should own a house, I suspect you won't get away with it, but an anonymous call to CRA should clear that up too.
3. Are you talking about a refund for the transfer tax? Again, an anonymous call to BC Assessment should clear that up.