Ask a Canada Law Question, Get an Answer ASAP!
Can I assume that you did not live in the house as your principal residence? Do you have a principal residence?
There is no way for you to avoid capital gains tax in most cases unfortunately.
The reason why your name as placed on title was to avoid probate fees. And if this was your mother's only asset then you would not even have to probate the Will which also saves time and money.
But it may be possible to argue that your name was on title for estate planning purposes only and that in fact you were holding title in trust for your mother and that you never actually had a beneficial ownership in the house until she passed away. That has been argued successfully though generally that tends to work when there is a letter in writing explaining what the intention that is prepared when this is done and signed by the parent.
So I suggest that you speak to an experienced accountant about this.
I am sorry for your loss.
No. That does not affect how much tax you pay unfortunately. It is not about what you receive but about the true market value of the home.