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My question is: Canadian-specific
QUESTION: My mother has owned a recreational property (cabin) since 1951. Mother added my sister to the title in 1994 as joint tennants, so that sister would eventually inherit the property. Is there any way to find out whether any capital gains were paid when the title was changed in 1994, or any time before or after that? Could I find out from the C.R.A.? My mother is elderly and cannot remember the history of the cabin, and I can't find out from my sister or any other relative. Thanks - you sure have some interesting reading.
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You should ask the CRA - easier to take mom to the Surrey Office on King George Highway or at 1166 West Pender in Vancouver - for a complete photocopy of the 1994 return. They should still have it. If for some reason other they do not, ask for a computer extract of all the capital gains she has reported and all the capital losses she has reported since 1985 and this will tell you whether she took advantage of the (up to) $100,000 top up which would / could have applied to the cabin in 1994.
Be advised that many people did not take advantage of the top up because it made them lose a year's guaranteed income supplement and they took the attitude that it was better to put up to $10,000 tax free dollars in their pocket than save $20,000 some time in the future. They were correct of course in the case of a couple, but not quite as correct for a single person.
However, if your mother "gave" the cabin or half of it to your sister in 1994, there should have been "half" a top-up or at least a deemed sale on her tax return. It is also possible to correct tax returns back to 1985 if it results in a refund to the taxpayer under the FAIRNESS Legislation. One of the best things brought in by Brian Mulroney and he fails to get credit for it.
Answers to this and other similar questions can be obtained free on Air every Sunday morning.
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