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My mother passed away recently an i inherited her house. My…

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my mother passed away recently...
my mother passed away recently an i inherited her house. My name has been on the house since 2008. Is there anyway i can minimize the capital gain taxes i will pay once i sell the house. From what i can see putting my name on the house was a huge mistake, not sure why my lawyer would have advised doing that.
Submitted: 2 years ago.Category: Canada Law
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Answered in 31 minutes by:
1/30/2016
Lawyer: Debra, Lawyer replied 2 years ago
Debra
Debra, Lawyer
Category: Canada Law
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Can I assume that you did not live in the house as your principal residence? Do you have a principal residence?

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Customer reply replied 2 years ago
i did not live with my Mother and i do have a principal residence
Customer reply replied 2 years ago
also i am in Ontario
Lawyer: Debra, Lawyer replied 2 years ago

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.

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Customer reply replied 2 years ago
thanks , one last question, there was a line of credit on the house that had $60000, would that help with the amount of taxes I will pay as it comes off the amount I will receive upon selling
Lawyer: Debra, Lawyer replied 2 years ago

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.

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