My question is: Canadian-specific
QUESTION: I originally purchased a condo in 1991 as my sole residence, but converted it to rental in 1996 when my girlfriend and I acquired a house in joint title. The condo stayed in my 100% ownership. In 2000 we were married and are now at a stage where it makes sense for my wife to claim as much of the rental income as possible (a mortgage of $ 50K remains; original price $ 98K and current market is around $ 145K). However, we wish to avoid capital gains or the attraction of any other levy or violation of any type of attribution rule. Can you recommend a way to achieve this? Although we would prefer a 100% transfer of the asset to her name, we are amenable to 50% - if this makes a difference?
Thank you.
