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Tom B.
Tom B., Barrister & Solicitor
Category: Canada Law
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Experience:  25 years in practice
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My two friends and I acquired a house through another

Customer Question

My two friends and I acquired a house through another friend. He currently holds the deed and us three are on the title. We got the house for $310,000 and currently pay him $500 a month until we get a mortgage. The house has just been appraised at $800,000.
Now my credit is not to good ,so we wanted to take me off the title before getting a mortgage for the $310,000 to pay off the current owner. Will I have to pay capital gains on this even if we are not selling or making any money off this?
Submitted: 1 year ago.
Category: Canada Law
Expert:  Legal Ease replied 1 year ago.
Did you live in this house? Do you have another principal residence?

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