Hi, new guy here from Canada. Not sure if I can get an answer here, but maybe you folks can help me with a dillema.
Here is the situation:
I have owned a Condo since 2005 and it's been a rental/investment. Last year I moved into it myself and now it's deemed my principal residence.
I have a Capital Gains bill that will have to be paid, but I understand that I can defer it indefinatly pending a sale of the condo, at which time it would be due.
Also, my will states that the property will go exclusivly to my son, once I pass.. Does the Canadian Government see a transfer of title on an estate as a "Sale" and will demand the full Capital Gains to be payable at that time, or does he just assume full ownfership, and like before the Capital Tax will be due and payable when my Son decides to sell the property?
Thanks in advance.
Here is the situation:
I have owned a Condo since 2005 and it's been a rental/investment. Last year I moved into it myself and now it's deemed my principal residence.
I have a Capital Gains bill that will have to be paid, but I understand that I can defer it indefinatly pending a sale of the condo, at which time it would be due.
Also, my will states that the property will go exclusivly to my son, once I pass.. Does the Canadian Government see a transfer of title on an estate as a "Sale" and will demand the full Capital Gains to be payable at that time, or does he just assume full ownfership, and like before the Capital Tax will be due and payable when my Son decides to sell the property?
Thanks in advance.