A single individual (Mr. X) acquired a land lot in 2000, made contributions to his FHSA starting in May 2023 and on February 1, 2024, signed an agreement with a contractor to build a single-family home on his land. It was agreed that the house would be habitable by him on September 1, 2024, and his intention was to begin living in it on that date. Mr. X would like to withdraw all of his FHSA contribution on June 1, 2024.
Regarding the requirement in para. (a) of the qualifying withdrawal that Mr. X have begun, or intends not later than one year after his “acquisition” of the qualifying home, to use it as his principal place of residence, CRA stated:
[T]he CRA considers that the home is generally acquired by the individual when it becomes habitable.
Thus … Mr. X could be in a position to satisfy all the conditions set out in the definition of "qualifying withdrawal" insofar as, in particular, his qualifying home should be habitable from September 1, 2024 and he intends to begin using it as his principal place of residence on that date.