Subsection 118.05(1)
Qualifying Home
Administrative Policy
2 February 2017 Quebec CPA Individual Taxation Roundtable Q. 1.8, 2016-0674851C6 F - HBTC - Acquisition by way of gift
An individual received a gift of a home from the individual’s parents. Would this acquisition by gift rather than purchase preclude deduction of...
26 July 2010 External T.I. 2010-0368991E5 F - CIAPH - Société de personnes
In the 1st situation, partnership between two spouses acquired a farm including a residence after January 27, 2009. Would either spouse be able to...
Paragraph (a)
Administrative Policy
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 2, 2019-0811881C6 F - HBP/HBTC - Death of a spouse
Monsieur had predeceased Madame, aged 58, three months before her purchase of a condo in July 2019, using funds withdrawn from her RRSP. Monsieur...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 146.01 - Subsection 146.01(1) - Regular Eligible Amount - Paragraph (f) | widow who had resided in the home of her deceased husband could access the HBP program to purchase a condo or acquire his home from estate | 231 |
19 May 2010 External T.I. 2010-0357071E5 F - Crédit d'impôt pour l'achat d'une 1e habitation
An individual (with no previous relevant ownership) bought the individual’s home in July 2009 in co-ownership with a new spouse, this home was...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 118.05 - Subsection 118.05(1) - Qualifying Home - Paragraph (a) - Subparagraph (a)(iii) | ownership by common-law partner of their home not relevant if they separated before individual’s acquisition of another principal residence | 62 |
| Tax Topics - Income Tax Act - Section 118.05 - Subsection 118.05(1) - Qualifying Home - Paragraph (a) - Subparagraph (a)(ii) | ownership of secondary residence does not disqualify for HBTC | 75 |
| Tax Topics - Income Tax Act - Section 118.05 - Subsection 118.05(1) - Qualifying Home - Paragraph (a) - Subparagraph (a)(i) | given future intention test, there can be a gap between purchase and home becoming principal residence | 187 |
Subparagraph (a)(i)
Administrative Policy
19 May 2010 External T.I. 2010-0357071E5 F - Crédit d'impôt pour l'achat d'une 1e habitation
Can an individual otherwise satisfying the conditions claim the HBTC if the individual acquired a residence on December 15, 2009, but did not live...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 118.05 - Subsection 118.05(1) - Qualifying Home - Paragraph (a) - Subparagraph (a)(iii) | ownership by common-law partner of their home not relevant if they separated before individual’s acquisition of another principal residence | 62 |
| Tax Topics - Income Tax Act - Section 118.05 - Subsection 118.05(1) - Qualifying Home - Paragraph (a) | allocation of credit between 2 qualifying spouses | 160 |
| Tax Topics - Income Tax Act - Section 118.05 - Subsection 118.05(1) - Qualifying Home - Paragraph (a) - Subparagraph (a)(ii) | ownership of secondary residence does not disqualify for HBTC | 75 |
Subparagraph (a)(ii)
Administrative Policy
19 May 2010 External T.I. 2010-0357071E5 F - Crédit d'impôt pour l'achat d'une 1e habitation
Could the HBTC be claimed for an individual’s purchase of a home in July 2009 that would be the individual’s principal place of residence...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 118.05 - Subsection 118.05(1) - Qualifying Home - Paragraph (a) - Subparagraph (a)(iii) | ownership by common-law partner of their home not relevant if they separated before individual’s acquisition of another principal residence | 62 |
| Tax Topics - Income Tax Act - Section 118.05 - Subsection 118.05(1) - Qualifying Home - Paragraph (a) | allocation of credit between 2 qualifying spouses | 160 |
| Tax Topics - Income Tax Act - Section 118.05 - Subsection 118.05(1) - Qualifying Home - Paragraph (a) - Subparagraph (a)(i) | given future intention test, there can be a gap between purchase and home becoming principal residence | 187 |
Subparagraph (a)(iii)
Administrative Policy
19 May 2010 External T.I. 2010-0357071E5 F - Crédit d'impôt pour l'achat d'une 1e habitation
An individual could claim the HBTC for a home bought in July 2009, one year after separation from a common-law spouse who had owned the home which...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 118.05 - Subsection 118.05(1) - Qualifying Home - Paragraph (a) | allocation of credit between 2 qualifying spouses | 160 |
| Tax Topics - Income Tax Act - Section 118.05 - Subsection 118.05(1) - Qualifying Home - Paragraph (a) - Subparagraph (a)(ii) | ownership of secondary residence does not disqualify for HBTC | 75 |
| Tax Topics - Income Tax Act - Section 118.05 - Subsection 118.05(1) - Qualifying Home - Paragraph (a) - Subparagraph (a)(i) | given future intention test, there can be a gap between purchase and home becoming principal residence | 187 |
Subsection 118.05(3)
Administrative Policy
2 April 2013 External T.I. 2013-0478221E5 F - CIAPH - acquisition pour une somme nominale
Can the first-time home buyers' tax credit ("HBTC") be claimed where the taxpayer buys a house for the sum of a dollar? CRA responded:
[T]he...