Questions & Answers

QuestionsCategory: QuestionsImplications of co-signing a mortgage
Anonymous Staff asked 6 years ago

Implications of co-signing a mortgage

I’ve been asked to co-sign a mortgage for a family member and found the following in your help section:
“When a co-signer is placed on your loan, he or she will lose first-time home buyer status until about five years after the co-signer’s name is removed from the mortgage title. This will prevent them from taking advantage of the first-time home buyer tax credit and other purchase incentives available in Canada, which means asking someone to be a co-signer may actually hurt them.”
Does this include losing eligibility to participate in the RRSP Home Buyers’ Plan?
Much appreciated,

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