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My question is: Canadian-specific
QUESTION: My husband and I were put on the property title with my aging father-in-law in order to avoid hassles when he dies. We just purchased our own home. Now dad wants to sell his place and buy a condo for his last years. Will we have to pay capital gains tax on his property when it is sold because our name is on the title as 3 joint owners? Could we borrow against his home to buy him the condo and keep the house as a rental?
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david ingram replies:
If you felt you owned your father in law's property, you would be liable for capital gains tax on your share when it was sold if you did not live in it.
If your names were on the title for estate purposes and he did not give it to you and you did not consider it 2/3rds yours and did not pledge it for security, and would not expect a share of the sale, it is not yours (would have been nice to have had a document to that fact) and there is no capital gains tax payable to you.
Yes, you could borrow money to buy it from your father in law and use it as a rental.
david ingram
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