My question is: Canadian-specific
QUESTION: I purchased an apartment about four years ago.I lived there for one year and I have been renting it out since then.when I bought it my father had to co-sign for the morg. and became one per cent owner.I have been claiming all the rental income on my name.there has been no money exchange between us, my father i guess was just an insurance for the bank.My question is I have gotten my fathers name taken of the morg. and land tittle so now I'am now 100 per cent owner.Now do we both pay capital gain how is it calculated and is there any other tax we have to pay?I payed $126,000 it was assesed at $165,000.
