My Mother and Father (both U.S. citizens) own a summer home in Canada (not their primary residence). Both are near 90 years old, and it looks like my Mother is not far from heading to a nursing home (possibly within 6 months).
My question is: can my Father transfer the title of the summer home (either by sale or gift) to one or more of his children now, or is there a 5 year window that would not allow him to do this? I'm just wondering what options are available at this point.
Thanks!
Michael
Asked about 3 years ago in Unknown
Categories:
Tax
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 British Columbia lawyer
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Your first concern is to consult a qualified accountant who is specialized in Canada/US tax laws. You are asking the right questions---so first get the tax advice sorted out and then look at the possibility of a joint tenancy registration to add the children or do a straight transfer.
Some of the tax issues are capital gains, gift tax, US and Canadian tax etc, so these issues will determine the best way to transfer the interest "inter vivos" and minimize tax. jim clapp
Posted about 3 years ago
Please note that this is for informational purposes only and does not constitute legal advice to you. Legal advice pertaining to your particular situation can only be provided by a lawyer who has met with you to obtain all pertinent background information necessary to give you a formal legal opinion. For formal legal advice, hire a lawyer (many give a free first consultation).
Contact James R Clapp, search
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Ontario lawyer |
I agree with Jim. In some provinces, there are interesting probate rules and fees. It may be a good time to ask whether a transfer now might save payment of probate fees. These are difficult issues to discuss. That being said, it is better to spend money on family than giving it to the government.
Posted over 2 years ago
Please note that this is for informational purposes only and does not constitute legal advice to you. Legal advice pertaining to your particular situation can only be provided by a lawyer who has met with you to obtain all pertinent background information necessary to give you a formal legal opinion. For formal legal advice, hire a lawyer (many give a free first consultation).
Contact Cyndee Todgham-Cherniak, search
the Lawyer Directory, or use our free Lawyer Referral Service.
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