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.
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Dear Madam:
RE: Qualifying Home under the Home Buyers Plan
This is in reply to your letter of August 30, 1993, in which you request a ruling that a new modular home to be built on a new foundation will be a qualifying home under the home buyers plan where the new residence will be built on the same lot as your existing residence after it is demolished.
An advance income tax ruling on the tax implications of a proposed transaction may only be provided by this Directorate where it is the subject matter of an advance ruling request submitted in the manner set out in the Department's Information Circular 70-6R2. We can, however, provide the following general comments which may or may not be applicable to any particular situation.
It is the Department's opinion that a home built on the same lot as an existing principal residence will be a "qualifying home" as defined under the home buyers plan, where the new residence is built after the existing home is demolished.
We trust you will find this satisfactory.
Yours truly,
for DirectorFinancial Industries DivisionRulings Directorate
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© Her Majesty the Queen in Right of Canada, 1993
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© Sa Majesté la Reine du Chef du Canada, 1993
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