Whistler - Transfer of Ownership of Property - mortgage

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QUESTION:
In April of 2002, My father, a US citizen, gave my husband and I the money we needed for a down payment on a single family residence in Whistler, BC.  At the time, the lending institution (CIBC) informed my father that he needed to be listed on the mortgage/title as the Owner of the property (verus my husband and I listed as the owners and my father as a co-signer).  
For the last two years, my husband and I (also US citizens living and working in Whistler/Vancouver under NAFTA, with a Landed Immigrant application pending), have been living in the Whistler residence full-time, without being able to realize any of the tax breaks given to owners who are primary residents (since my father resides in the US), not to mention the favorable capital gains treatment given to primary residents upon the sale of the property.  
Please advise, therefore, as to the most effective way to have ownership of title transferred from my father to my husband and I - obviously, we are looking to minimize the tax ramifications.
Thank you!
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david ingram replies:
You should have fought the bank.  There is no reason that it could not have been in your name with your father as the co-signer.  Assuming that you and your husband have made all the payments and you truly "are' the real owners, it sounds as if your father has merely held it in trust for you.
Get it transferred from his name to yours.  There should be no tax ramificatiosn fro either PPT or income tax because he was merely the trustee.
David Stoller or Bill Spohn at 100 Park Royal South in West Vancouver are two lawyers who I work with. Either of them (or any other lawyer I am sure can transfer the property for you.
In the meantime, I hope you have continued to fle your US returns while living in Whistler.  Every US citizen must conti9nue to file a US return no matter where they live.  There is not usually any tax "if" you file.  If you do not file and get caught, you can run into US tax penalties because you run out of time to claim exemptions and tax credits.
Go to www.centa.com and read the October 1995 newsletter for information about US citizens in Canada.  
While at www.centa.com, read the US/Canada Taxation section which will give you the tax rules.
I, of course, would be glad to look after this for you by mail, email, fax or stop in the next time you are in West or North Vancouver. Phone 604 980-0321 for an appointment.
And since mortgage interest is not  deductible in Canada under everyday rules, you should come down this Thursday night for a free seminar on Mortgage interest as a deduction in Canada.
Fred Snyder and I are giving free seminars on making your CANADIAN mortgage interest tax deductible at our new office at 
1764 West 7th
 Vancouver.
This is in the Spence Diamond Building at the corner of 7th and Burrard
and is very easy to find.
When:  Just about " Every"  Thursday Night
Time:      7 to 9 PM
RSVP:     phone (604) 731-8900 to reserve (limited to 15 people)
My time is still spent at 
108-100 Park Royal South
West Vancouver, BC
(604) 980-0321
david ingram
Answers to this and other similar  questions can be obtained free on Air every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Cartier Partners and I will be hosting an INFOMERCIAL but LIVE talk show called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the internet at
www.600AM.com 
Local phone calls to (604) 280-0600 - Long distance calls to 1-866-778-0600. 
Old shows are archived at the site.
This from ask an income tax immigration planning and bankruptcy expert consultant guru or preparer  from www.centa.com or www.jurock.com or www.featureweb.com. Canadian David Ingram deals daily with tax returns dealing with expatriate:
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wizard - David Ingram's US/Canada Services
US/Canada/Mexico Tax Immigration & working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver,  BC, CANADA, V7N 3L7
Calls accepted from 10 AM to 10 PM 7 days a week
Res (604) 980-3578 Cell (604) 657-8451
Bus (604) 980-0321 
davidingram@shaw.ca
www.centa.com www.david-ingram.com
Disclaimer:  This question has been answered without detailed information or consultation and is to be regarded only as general comment.   Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader & the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent financial, or real estate planner or advisor & appropriately qualified legal practitioner, tax or immigration specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
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