Hi, Am I eligible for first time home buyer credits in Canada if I own a home in the US? Both for opening this new type of savings account and for claiming other first time home buyer credits. Thanks!
No. The home must be located in Canada: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-31270-home-buyers-amount/qualifying-home.html
Yes I am wondering if I will be considered a first time home buyer in Canada if I already own a home in the US? (For opening an account towards a first home purchase in Canada)
First-time home buyer – Unless you are a person with a disability or you are helping a related person with a disability buy or build a qualifying home, you have to be a first time home buyer to withdraw funds from your RRSP(s) to buy or build a qualifying home under the Home Buyers’ Plan.
You are considered a first-time home buyer if, in the four year period, you did not occupy a home that you owned, or one that your current spouse or common-law partner owned.
Right - it is not super clear if this talks about a home in Canada or anywhere in the world.
I am not 100% certain if having a home in USA voids your “Eligible Home” criteria. What I do know for certain is when you have an offer on a desired home accepted, the mortgage agent will require a list of your debt obligations (e.g. car loan, other home loans etc.). It is best to ask a mortgage broker or a banker; they would be better qualified and may answer for free.