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What has to happen is that the mother needs to transfer the title from herself to herself and her sons.
If this is the mother's principle residence then she will not have to pay any capital gains tax.
But what you should know is that if the sons are not living there when they go to sell the property down the road they will have to pay capital gains tax so rather than the just considering the issue of probate fees the sons should consult with their own accountants before this is done to see what works out best over all.
I am going to do a bit of research to see if I can find the forms online but in my view you should at least consult with a real estate lawyer before doing this on your own.
You can contact the Law Society and use their Lawyer Referral Service. You will be given the name of a lawyer and can consult with the lawyer and the first half hour will be free. The number is:1-800-661-1095 or 403-228-1722 in Calgary
This is the Mothers principle residence (she is 95 yrs old) and she sits on the edge of a small Alberta town
She receives no amenities from the town itself pays land taxes. She has 17 acres and her home sits on about 3 acres.We had an appraisel
Yes the form they sent you is correct.
Here it is online:
Now you can fill it out on your computer rather than by hand.
done and it came up higher than what the town offered her.by adding the sons name s(who are also her executors on her will) we realize that the sons would pay the capital gains.
We read the form on line and questionerd
the joint tenancy is this a seperate form that they would have to fill out.