Can a joint-tenant qualify as a first-time homebuyer?

Q: I’m a joint tenant in my current home, and I’m ready to buy my own place. Can I use the Home Buyers’ Plan (HBP) or the Tax-Free First Home Savings Account (FHSA) as a first-time homebuyer?

A: To take advantage of the HBP and/or FHSA, you need to be considered a first-time home buyer by CRA.

Definition of a First-Time Home Buyer

According to the Canada Revenue Agency (CRA),

You will be considered to be a first-time home buyer if you did not, at any time in the current calendar year before the withdrawal (except the 30 days immediately before the withdrawal) or at any time in the preceding four calendar years, live in a qualifying home (or what would be a qualifying home if located in Canada) as your principal place of residence that either you owned or jointly-owned, or your current spouse or common-law partner (at the time of the withdrawal) owned or jointly-owned. For example, if you are making a withdrawal on July 31, 2024, you cannot have lived in a home as your principal place of residence that either you or your spouse or common-law partner owned or jointly-owned from January 1, 2020 to June 30, 2024.

Regardless of whether you’re considered tenants-in-common or joint tenants (the two types of co-ownership), you’d be considered a joint owner of the house. If you live(d) in the house at any time in the last four calendar years, you don’t qualify for these programs, unfortunately.