How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Tom B. Your Own Question
Tom B.
Tom B., Barrister & Solicitor
Category: Canada Law
Satisfied Customers: 2263
Experience:  25 years in practice
Type Your Canada Law Question Here...
Tom B. is online now
A new question is answered every 9 seconds

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: 2 years ago.
Category: Canada Law
Expert:  Debra replied 2 years ago.
Did you live in this house? Do you have another principal residence?

Related Canada Law Questions