bought house for mother to live in. - taxable ??

My question is: Canadian-specific

QUESTION: I bought a CMHC second home 2 years ago with 5% down.  My mother lived in the home rent free as per the guidelines and I did not and could not write-off any of my expenses.  I have just sold it for a tidy profit as my mother has moved out.  Now, I am hoping I do Not have to pay any Capital Gains tax as it was purchased as a NON-Revenue home through CMHC, only 5% down,  and I was not able to treat it as such with write-offs.  Am I correct on this?

--------------------------------------------------------------------------- david ingram replies:

The answer is simple. 

If you bought the house for your mother and she is getting all of the profit in her hands to keep,  you were just a trustee and there is no tax because it was your mother's house.

However, if you are keeping all of the money, it is taxable.

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