3 November 2023 APFF Financial Strategies and Instruments Roundtable Q. 3, 2023-0976921C6 F - CELIAPP - Acquisition d'une quote-part d'une habitation admissible / FHSA - Acquisition of a share of a qualifying home -- summary under Ownership

Various conditions in the “qualifying withdrawal” definition in the FHSA rules refer to acquiring a qualifying home. CRA found that this requirement can be satisfied by acquiring a co-ownership interest in the home, notwithstanding the absence of a specific deeming rule like s. 146.01(2)(a) providing that the acquisition of a qualifying home includes the acquisition by a taxpayer "jointly with one or more other persons." CRA stated that “[i]t seems clear that the legislator did not wish to exclude individuals who wish to purchase a qualifying home jointly with one or more persons, even if only for spousal couples.”