Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the Department.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle du ministère.
Principal Issues: Whether wife can participate in Home Buyers if she marries purchaser of home after purchase and tries to withdraw in calendar year subsequent to year of purchase.
Position: No
Reasons: Because of "regular eligible amount" requirement that withdrawal occur no more than 30 days after purchase.
XXXXXXXXXX 2000-004788
September 22, 2000
Dear XXXXXXXXXX:
Re: Request for technical interpretation - Home Buyers' Plan
This is in reply to your letter of September 13, 2000, in which you ask if you can withdraw monies from your registered retirement savings plan ("RRSP") under the Home Buyers' Plan to contribute to the purchase of a home your husband purchased in May, 1999.
In order to participate under the Home Buyers' Plan and withdraw an amount from your RRSP that will not be subject to income tax, the amount withdrawn must be a "regular eligible amount" as defined in subsection 146.01(1) of the Income Tax Act. Paragraph(d) of that definition states that the withdrawal must occur no more than 30 days after your husband acquired the home. Therefore, in the circumstances you describe, you are unable to participate in the Home Buyers' Plan with respect to your husband's purchase of the home.
There is no discretion under the Income Tax Act to waive this requirement. We trust the foregoing explains the requirements of the law satisfactorily.
Yours truly,
for Director
Financial Industries Division
Income Tax Rulings Directorate
Policy and Legislation Branch
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