Can an individual otherwise satisfying the conditions claim the HBTC if the individual acquired a residence on December 15, 2009, but did not live in it before February 1, 2010 (and may have renovated it during that period) – and can there be a gap between the time of the home’s purchase and it becoming the individual’s principal place of residence? CRA responded:
The taxation year in which the credit is deductible in calculating an individual's tax depends on the date of acquisition of the home, which generally corresponds to the date of purchase of the residence. Renovating a home after its acquisition or moving into it within a few weeks of its acquisition generally does not change the time at which the HBTC can be deducted in computing an individual's tax.
There could be a delay between the date of acquisition and the date the residence becomes the individual's principal place of residence. The HBTC legislation only requires that the individual's intention is to make it the individual’s principal place of residence no later than one year after the acquisition.