Quote:
Originally Posted by Great68
So the mother in law's place is sold. The couple that is buying wants an amendment to the purchase agreement so that it's 100% in the Husband's name. The reason: So the wife can claim the first time home buyers exemption when they decide to buy another property.
Gotta admire working the system. Jesus.
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Quote:
Originally Posted by Special K
PTT is only for property less than $525k, isn’t it? The buyer wishing to amend the contract is buying a detached in Burnaby worth $1.5-2M
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Quote:
Originally Posted by Euro7r
PTT is <$525K or if your home is a brand new build (even then there are some rules surrounding the limitation). As many mentioned, it's really a one-bedroom condo to get PTT waived.
This wife is skirting around the capital gains for principal residence when the property is sold.
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I thought there's a clause where if you are married and it's a principle residence of one of the spouses, you lost the 1st time owner's PTT credit.
I remember when we bought our TH it was 521k and it was just over the PTT credit limit. They bumped it up soon after and it seemed like it made more sense. With the recent jump in prices the credit is all a joke again.