Subject: realestate tax
Expert: taxman at centa.com
Date: Tuesday February 21, 2006
Time: 04:28 PM -0800
QUESTION:
Bought a single dwelling property last year and this year I have an
agreement to purchase two feet from neighboring property so I can build a
duplex dwelling. I would like to add my parents to the title now so when I
subdivide and build, Lot A is on my name,and Lot B is on my parents name.
The question is can my parents own just one side and myself the other side
or do we own portions of both properties together.Also are there any GST
implications in this transaction?
=============================
david ingram replies:
If this is your personal residence and the duplex will be the personal
residence of your parents, there is no problem putting their names on one
side.
However, because you are building a NEW building, you will be paying GST on
the new value less the rebate, less your input credits.
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