HBP for returning Canadian

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

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HBP for returning Canadian

Post by jade2010 » Wed Oct 20, 2010 11:44 pm

My husband and I are Canadian moved to US for six years and just obtained US citizenship this year as well. We decided to move back to Canada last month and now is looking for a home to buy in Canada. We are thinking maybe we could participate in HBP program. I read on the CRA website and not sure, do we qualify as the first-time buyers? We sold our principle residence in Canada 6 years ago before we moved to US and became non-residents of Canada. We did own a principle residence in US and could not sold it and now is renting it out before we moved back. So can we participate in HBP program to buy our principle resident in Canada?

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Post by nelsona » Thu Oct 21, 2010 7:23 am

If you owned the home you lived in within the lasy 4 years, you are not a first home buyer.

This would include foreign residences. So you need to have been renting out your US home over 3 years ago.

So, I would say not eligible, but feel free to call and ask the CRA for a ruling before you do anything..
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

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