CRA finds that a qualifying withdrawal from an FHSA can fund the purchase of a co-ownership interest in a qualifying home

Various conditions in the “qualifying withdrawal” definition in the FHSA rules refer to acquiring a qualifying home. CRA found that this requirement can be satisfied by acquiring a co-ownership interest in the home, notwithstanding the absence of a specific deeming rule like s. 146.01(2)(a) providing that the acquisition of a qualifying home includes the acquisition by a taxpayer "jointly with one or more other persons." CRA stated that “[i]t seems clear that the legislator did not wish to exclude individuals who wish to purchase a qualifying home jointly with one or more persons, even if only for spousal couples.”

Neal Armstrong. Summary of 3 November 2023 APFF Financial Strategies Roundtable, Q.3 under s. 146.6(1) - “qualifying withdrawal”.