My question is: Canadian-specific
QUESTION: David: You had a question Jan. 23 /05 concerning their mother's
house, whether it could be rented or not because she was unable to live in
it. You said yes, you have 5 years less a year. Could you please explain to
me what happens to the house after the 4-5 yrs.? My Father passed away last
year and my mother has been in a nursing home for 21/2 years now. That has
been their personal residence since 1958. But there is only my sister and
myself, and I found out they had changed the will in May of last year and
put my Sister's name on title with my parents. I was to be left the Residue.
Since I know this was my Sister's doing I have sued the estate as my
Father's name had not ben transferred off title and our Lawyer said this was
my only opportunity to do anything about it. She spoke to me over the phone
several times and then said would I settle for a certain sum in 3-4 years.
My question is what is the 3-4 years all about? Is the house to be Sold or
what? I really w!
ould like an answer on this if at all possible. Thanks Very Much.
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david ingram replies:
You need to use your lawyer and follow his or her advice. The comment I was
making was about tax free capital gains and referred to four years plus one
which is the formula to be found on form T2091 which is used to determine
the taxable portion of a rental house when sold. After the 4 years plus one
is over, any gains on the sale of the house become taxable on a pro-rata
straight line basis.
Make your point now and in writing and DO NOT ACCEPT "ANY" verbal assurances
from your sister unless put in writing and witnessed by a competent
authority with both of you having received independent legal advice.
You have the choice of paying a little bit of legal fees now or a WHOLE LOT
of legal fees later.
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, Fred Snyder of Dundee Wealth
Management and I, David Ingram host a 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/>
Local calls are taken at (604) 280-0600 and Long Distance calls are taken at
1( 866) 778-0600
Callers to the show are invited to attend free seminars on financial
planning with such specialities as deductible mortgage interest. They are
held at Fred Snyder's Office at 1764 West 7th in Vancouver - (604) 731-8900
for more information.
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