Hi,
> My wife and I moved out of a house in 1985, and used it as a rental property until this year, when it was sold.
> In 1992, I transferred full ownership of the rental property to my wife, for a nominal $2.
> How would she figure out the capital gains tax?
>
> Thank you,
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david ingram replies:
As described, the capital gains is taxable to you under Section 74 of the Canadian Income Tax Act because she did not pay you a fair market value. In addition, any rental profits over the last number of years were taxable to you as described.
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