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Answered in 7 hours by:
11/12/2014
VerifiedThank you for your question. My goal is to provide you with the best possible answer.
To achieve that goal it may be that I will find that I need to gather further information from you. As well, it's quite possible that you may feel the need to ask me additional questions for further clarification.
But, please understand that as a careful lawyer I will always give you an honest answer even if the answer is sometimes not what you were hoping for.
The bank will not allow her to keep her name on the mortgage but transfer title.
But that won't avoid capital gains tax. She will be taxed Capital Gains Tax when the title is transfered or the condo sold, in most cases.
But if you can prove to the CRA that she was simply holding title in trust for you but did not ever pay anything towards the condo's acquisition or mortgage or anything else you may succeed in avoiding capital gains tax being incurred.
So your next step should be to consult with an experienced chartered accountant who can likely submit all necessary documents in a way that you can legitimately avoid this tax.
To achieve that goal it may be that I will find that I need to gather further information from you. As well, it's quite possible that you may feel the need to ask me additional questions for further clarification.
But, please understand that as a careful lawyer I will always give you an honest answer even if the answer is sometimes not what you were hoping for.
The bank will not allow her to keep her name on the mortgage but transfer title.
But that won't avoid capital gains tax. She will be taxed Capital Gains Tax when the title is transfered or the condo sold, in most cases.
But if you can prove to the CRA that she was simply holding title in trust for you but did not ever pay anything towards the condo's acquisition or mortgage or anything else you may succeed in avoiding capital gains tax being incurred.
So your next step should be to consult with an experienced chartered accountant who can likely submit all necessary documents in a way that you can legitimately avoid this tax.
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