Question
Which individual is eligible to participate in the Home Buyers' Plan (HBP)? Bob is married to Carol. Bob has never owned his own home. The
Which individual is eligible to participate in the Home Buyers' Plan (HBP)? Bob is married to Carol. Bob has never owned his own home. The couple lives in the house that Carol purchased several years prior to her marriage to Bob. They intend to sell their current home and move into a new house in which Bob will have 100% ownership. Bob plans to withdraw $25,000 under the HBP to complete the purchase. Andrew purchased a new home three years ago and took advantage of the HBP to complete the purchase. Last year, he made a $20,000 HBP repayment. Later this year, Andrew would like to sell his current house and purchase a new property. He would again like to use the HBP to help with his downpayment. Robert and Victor are common-law partners who are residents of the United States. Robert is a Canadian citizen who still has his RRSP with a Canadian-based bank. While on vacation, the couple was so taken by British Columbia, they couldn't resist entering an offer on a property in Victoria. Robert and Victor intend to use the HBP to purchase the property. They will move into the home when they both retire in five years. Jessica currently lives in an apartment. She would like more space so, she plans to buy a house and move in. This purchase will likely not impact her ownership of a second propertya townhouse she has owned for several years and that she has used strictly as a rental property.
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