- The down payment is shared, the payment too.
- When both are eligible, HBP and FHSA are not shared: they add up.
- Who pays what, and what happens if one wants to sell: it goes in writing at the notary's.
The programs add up
When both buyers are eligible as first-time buyers, each can use their HBP, up to $60,000 from their own RRSPs, and their FHSA, up to $40,000 each over a lifetime. For a couple, that can represent up to $200,000 of tax-sheltered savings, aimed at the down payment.
The nuance that surprises: eligibility is checked per person. As a couple, your spouse's ownership history also counts in the calculation. Between friends or in the family, each is assessed on their own. That is exactly the kind of thing to check before starting visits, not at the notary's.
What goes in writing
A piece of advice that saves friendships: who pays what, in what proportions, and what happens if one of you wants to sell in three years, loses their job, or meets someone? It goes in writing at the notary's before buying, in an agreement between co-owners. Two paragraphs that avoid many arguments.
The notary will also ask how you want to hold the property: in equal shares or according to each person's down payment. That choice has consequences when selling. Make it knowingly.
With two, HBP and FHSA add up per person, eligibility is checked individually, and the co-owners' agreement is signed before the purchase, not after.
- Check each buyer's eligibility as a first-time buyer.
- Calculate each person's HBP and FHSA limits.
- Write together the answers to the three questions: who pays what, in what shares, and if one wants out.
- Raise it with the notary as soon as the property is chosen.
Sources : Government of Canada, HBP and FHSA (eligibility per person) · Chambre des notaires du Québec
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