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isha_21
February 15, 2022
Question

My mom is selling her principle residence. Due to health issues she wishes to add me to title. Accepted offer the sale will be completed in May will I have to pay tax?

  • February 15, 2022
  • 1 reply
  • 0 views
Capital Gains tax on being added to title on someone's principle residence sale in process.

    1 reply

    T
    Tweetynae25
    February 16, 2022

    Because of the principal residence exemption, you do not have to pay tax on any gain from the sale when you sell or are regarded to have sold, your home. This is the case if the property was only your principal residence for each year you owned it.

     

    For more information, please see our TurboTax article. Selling Your Canadian Principal Residence

     

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