Purchased condo as a first time homebuyer conditions but..

[Oli]

Hi,

I was briefly reading through posts of people that are inquiring about getting property under homebuyer programs (for rates, and tax deductions,...) but are not planning to occupy the space for an extended period of time, which is fraud.

Here`s my situation: I bought a condo in June (closing in 10 days), and just this week my employer asked me if I`d be OK with working abroad for 7 months. I was thinking of renting out the condo during that time in order to make a little extra money. Now, given that my original intent was to live in the place for at least 2 years and this is an unforeseen, an unplanned circumstance, would that be okay?

Thanks for the advice!

 

[Nir]

Your guess is as good as ours. How can anyone here tell you what the judge will say in court if the tax department goes after you?
even at the judge level, different judges decide differently on the same case. bottom line, you`re taking a risk - not what you wanted to hear but let`s be realistic.
ever heard the joke about the angry judge who did not "get..." last night? my guess is you have 99% of not being caught and paying a price for it and 1% of being thrown behind bars or paying a penalty. just a guess! REIN ignores that good 99% chance of not being caught and correctly strongly recommends avoiding bank fraud at all cost.

 

[bizaro86]

Could you get a letter from your employer stating that they didn`t ask you to move until XXX date, and that until that date your employment was expected to be maintained in the same place. I think if you can demonstrate that you bought it in good faith that would help.

Michael

 

[Thomas Beyer]

QUOTE (Oli @ Aug 3 2009, 04:13 PM) Hi,

I was briefly reading through posts of people that are inquiring about getting property under homebuyer programs (for rates, and tax deductions,...) but are not planning to occupy the space for an extended period of time, which is fraud.

Here`s my situation: I bought a condo in June (closing in 10 days), and just this week my employer asked me if I`d be OK with working abroad for 7 months. I was thinking of renting out the condo during that time in order to make a little extra money. Now, given that my original intent was to live in the place for at least 2 years and this is an unforeseen, an unplanned circumstance, would that be okay?

Thanks for the advice!
I`d say: "it was unplanned" .. so don`t worry too much about it now .. keep some records of your original intentions and the suggested move abroad .. and if someone ask a year or 4 years from now .. you have some documents to back up your story !

 

[lilbuffet]

I beleive that the authorities are reasonable, and your intent isn`t to maliciously and purposely commit fraud. As long as you have supporting documents I am sure they can make an exception.

 

[RobMacdonald]

You would not have any issues with this given the circumstances. Your intent when you purchased was to have a principal residence, so you are okay.

 

[Oli]

Hi guys,

Just wanted to thank you all for your input. The last few entries are definitely reassuring. I can definitely ask my employer to provide supporting documents... but I think the fact that I`ll be back in the condo once I come back from overseas is another supportive argument that there was no malicious intent.

Again, thanks!