BC frist time home buyers

[residnt]

Hello All,

I have a question around the first time home buyer eligibility. Now my wife and I purchased a condo 3 years ago and both of us are on title. Does this mean that we both lose the first time home buyers eligibility? To me this doesn`t make a whole lot of sense since with one purchase we both lost this.

Is there a place we could contact for eligibility?

Thanks
Jason

 

[Nir]

yes Jason, just call Revenue Canada at 1800-959-8281. they will know your options for sure.

 

[RobMacdonald]

I don`t think you will have much of an option here. When you originally purchased, you could have put the mortgage in one person`s name, if you were able to qualify, and that would have preserved the First Time Buyers status.

But to be sure, call Revenue Canada, or your conveyancing lawyer as they will have the most experience with the exemptions.

 

[residnt]

QUOTE (investmart @ Apr 13 2009, 06:58 PM) yes Jason, just call Revenue Canada at 1800-959-8281. they will know your options for sure.

Great thank you for the information. I will call them tomorrow. Hopefully one of us is still eligible.

Jason

 

[Fortuneinvesting]

QUOTE (residnt @ Apr 13 2009, 07:03 PM) Now my wife and I purchased a condo 3 years ago and both of us are on title. Does this mean that we both lose the first time home buyers eligibility? To me this doesn`t make a whole lot of sense since with one purchase we both lost this.

I don`t see why it doesn`t make sense?

 

[residnt]

QUOTE (Fortuneinvesting @ Apr 13 2009, 10:00 PM) I don`t see why it doesn`t make sense?

Well the reason it doesn`t make sense is that if we bought separately we would have been eligible (could have used it twice). However since we bought together then we only get it once. However after speaking with out realtor the price range of the place we put an offer in on is over the limit anyways so we wouldnt` have been eligible anyways.

Thanks for all of the information.

Jason