My question is: Canadian-specific QUESTION: We purchased a home several years ago for our parents to live in, my wife and I hold the title and pay the mortgage. Due to their advancing years we need to sell the property and get them a condo - apartment. Is there anything we can do to lessen the tax impact of the sale: - change title from myself / spouse to just one of us ? - does selling the home to "roll over" into an apartment trigger a capital gain or is there exceptions ? thanks, Rick --------------------------------------------------------------------------- david ingram replies: Too bad that the property was not in your parent's name. If so, it would be capital gains tax free. If it could be shown that it "was" your parents' house an d only in your name for estate purposes, it may still be tax free. The answer would be determined by who made the down payments, etc. There is no rollover provision in Canada unless the property is expropriated by a government authority for he common good (highway, parking lot, park, etc.) or a property used in the carrying on of an "active' business. For the latter an example would be a car repair shop where the owner sells the old building and buys a new bigger one. --- Outgoing mail is certified Virus Free. Checked by AVG anti-virus system (http://www.grisoft.com). Version: 6.0.809 / Virus Database: 551 - Release Date: 12/9/04 --- Outgoing mail is certified Virus Free. Checked by AVG anti-virus system (http://www.grisoft.com). Version: 6.0.809 / Virus Database: 551 - Release Date: 12/9/04
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