Eligibility for RRSP First-Time Homebuyer's Plan with Foreign Property Ownership

[DavidMF]

Do we meet the eligibility criteria for the first-time homebuyer's plan in RRSP if I possess a foreign property where my parent resides and my spouse owns a foreign property that we lease out?

 

[Buletruck]

Do we meet the eligibility criteria for the first-time homebuyer's plan in RRSP if I possess a foreign property where my parent resides and my spouse owns a foreign property that we lease out?

Interesting question. I don't see anything in the requirement that would limit your eligibility because you own foreign property. I'd talk to your banker. They have more information on FTHB.

 

[Simba112]

Do we meet the eligibility criteria for the first-time homebuyer's plan in RRSP if I possess a foreign property where my parent resides and my spouse owns a foreign property that we lease out?

Not sure if this will answer your question, but canada.ca does not provide clarity on this. However remax does. To expand this, for the purpose of reducing or eliminate property transfer tax, specific in BC eligibility criteria requires applicant to "never own property anywhere in the world"

https://blog.remax.ca/what-qualifies-as-a-first-time-homebuyer-in-canada/

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions/first-time-home-buyers#:~:text=Do I qualify?&text=Have either:,immediately before the registration date

 

[DavidMF]

Not sure if this will answer your question, but canada.ca does not provide clarity on this. However remax does. To expand this, for the purpose of reducing or eliminate property transfer tax, specific in BC eligibility criteria requires applicant to "never own property anywhere in the world"

https://blog.remax.ca/what-qualifies-as-a-first-time-homebuyer-in-canada/

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions/first-time-home-buyers#:~:text=Do I qualify?&text=Have either:,immediately before the registration date

Remax's interpretation diverges from the RRSP definition of first-time home buyer, which states that “You are considered a first-time home buyer if, in the four year period, you did not occupy a home that you owned, or one that your current spouse or common-law partner owned.” It appears that even if someone possesses a oversea home (or even local) but did not reside in it during the past four years, they are still classified as a "first-time home buyer" under RRSP first-time home buyer plan?

The BC website provides its distinct definition for the First-time Home Buyers' Program, aimed at reducing property transfer tax. However, this particular definition does not assist in determining someone's status as a first-time home buyer under the RRSP criteria.