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 the first-time home buyer’s credit (HBTC). CRA responded:
The CRA is of the view that the acquisition of a qualifying home by way of gift is a valid acquisition for the purposes of the HBTC. Consequently, subject to compliance with all the other conditions of section 118.05, the mere fact of acquiring a home by way of gift does not in itself prevent an individual from applying for the HBTC.