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Answered in 1 hour by:
4/4/2011
VerifiedDebra Thal (username) :
Are you asking about taxes?
Customer:
Of course, and any other issue that seems relevent.
Debra Thal (username) :
Whenever you transfer property that is not a principal residence capital gains tax must be paid.
Debra Thal (username) :
That is even true if no money exchanges hands.
Debra Thal (username) :
There is a deemed disposition at fair market value when that occurs.
Debra Thal (username) :
Your sons will be deemed to acquire the condo at fair market value which is good because down the road when they go to sell it that amount will be their cost base.
Debra Thal (username) :
How you go about doing it is simply to retain a real estate lawyer in Montreal who will do the documents for you and then register then on title.
Debra Thal (username) :
As this is a simple transfer it will not cost that much.
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