My question is: Canadian-specific QUESTION: I live with my elderly mom who would like to avoid probate and taxes upon her death. As a result, she would like to add my name to the title of her home. I do not own any other property. If I was to sell it after her death, could you tell me what my obligations would be tax-wise. Many thanks! ps I've checked all the other questions and answers but none seem cover this specific situation --------------------------------------------------------------------------- david ingram replies: If you are living in the house and she puts your name on as a joint tenant with right of survivorship in Canada, you would receive the home free of probate or property purchase tax. If you were NOT living in the house and owned another house which was "your" principal residence, you would have to be careful that you did not actually "own" it to avoid your having to pay capital gains tax. In this case, you would sign an auxiliary document to state that you would not pledge your share as security and would transfer it back to your mother immediately at her request and state that the reason for your name being there was to avoid probate. hope this helps. sorry it took so long to answer but I am about 500 behind. 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, I, david ingram am a regular guest on Fred Snyder of Dundee Wealth Managers' 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/> Call (604) 280-0600 to have your question answered. BC listeners can also call 1-866-778-0600. Callers to the show and questioners on this board can also attend the Thursday Night seminars on finance and making your Canadian Mortgage Interest deductible. And for those in the Vancouver area, Fred is running an infomercial for 1/2 hour every night in October on Channel 10 television at "groooaaannnn" 1 AM in the morning. It has a couple of useful concepts in it that can be recorded to really get the idea. David Ingram's US/Canada Services US / Canada / Mexico tax, Immigration and working Visa Specialists US / Canada Real Estate Specialists Home office at: 4466 Prospect Road North Vancouver, BC, CANADA, V7N 3L7 Cell (604) 657-8451 - (604) 980-0321 Fax (604) 980-0325 Calls welcomed from 10 AM to 10 PM 7 days a week (please do not fax or phone outside of those hours as this is a home office) email to taxman at centa.com <mailto:taxman at centa.com> www.centa.com <http://www.centa.com/> www.david-ingram.com <http://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 and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist in connection with personal or business affairs such as at www.centa.com <http://www.centa.com> . If you forward this message, this disclaimer must be included." Be ALERT, the world needs more "lerts" ask international non-resident income tax expert preparation & immigration consultant david ingram, experts on rentals mutual funds RRSP RESP IRA 401(K) & divorce CKBD 600AM 9 AM Sunday on Fred Snyder's IT's YOUR MONEY
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