My question is: Canadian-specific
QUESTION: WANTD TO KNOW I COULD TRANFER THE TITTLE OF MY HOUSE PRINCPAL
RESIDENT TO MY PARENTS WITHOUT ANY SALE OR IF SO WOULD THERE BE ANY TAX
CONSQUNCES OR WOULD I HAVE TO SELL THEM MY PROPERTY. IF I SOLD THE PROPERTY
AT ASSSESED PRICE WOULD MY PARENTS HAVE TO PAY THE PROPERTY PURCHASE
TAX.ALSO COULD I REDUCE THE PRICE FOR LABOUR WORK BY MY PARENTS
---------------------------------------------------------------------------
david ingram replies:
If this is the house you have been living in (and you do not own another
house) and you want to give it to your parents, there is no tax consequence
no matter how much it has gone up in value.
AND, if it is / was your principal residence up to the day of the transfer,
there is no PPT (property purchase tax or property transfer tax) either.
On the other hand, if this is a house you have owned and rented out for some
time, there will be capital gains tax and PPT if you give it to your
parents.
And, if you had lived in it for five years and have rented it out for four
years and do not own another house you intend to claim as your principal
residence, the gift would likely be tax free of capital gains tax under
section 45(2) if the Income Tax Act, but you would owe PPT on the transfer.
You need to sit down with a tax consultant who understands the principal
residence rules. 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 Dundee Wealth
Management and I, David Ingram host a 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 <http://www.600am.com/>
Local calls are taken at (604) 280-0600 and Long Distance calls (BC only)
are taken at 1( 866) 778-0600
Callers to the show are invited to attend free seminars on financial
planning with such specialities as deductible mortgage interest. They are
held at Fred Snyder's Office at 1764 West 7th in Vancouver - (604) 731-8900
for more information.
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