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
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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
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