Will having US property stop me from using HBP?

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alexiworldNew Member
Topic author
Posts: 5
Joined: 15 Mar 2008
Location: Vancouver

Will having US property stop me from using HBP?

Post Sat Mar 15, 2008 2:30 pm

I'm considering buying a property in US. The question I have is will this stops me somehow from using my RRSPs for Home Buyer Plan in Canada. Somebody told me that if I have any property (any doesn't matter the country e.g. means any property in any other country) I will not qualify to use my RRSPs for HBP.

Any thoughts?
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StevenCanuckAbroad VIP
Posts: 3635
Topics: 2
Joined: 28 Sep 2007
Location: Calgary

Post Sat Mar 15, 2008 9:51 pm

The HBP is for first-time buyers, I thought, from the TV ads. So yes, if you have a house in the US you would be disqualified. How they find out I don't know, although rental income from a property in the US you have to put on your tax return on the relevant schedule, so CRA would know that.
Steve.
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