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  Canada Immigration Forum > About Canada > Real Estate & Mortgages > Question regarding Capital gain Tax on new construction Condo.
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Question regarding Capital gain Tax on new construction Condo.




Hello all,

In our existing house, we are four people on the title (Me, wife and parents). Me and wife have 40% each and parents have 10% each share on the current property. My dad purchased brand new construction condo and now condo is ready to move in. Condo is completely 100% solely on my father's name.

Can he consider this condo as his primary resident home? If he sale the condo then is it any capital gain taxes he need to pay? At present, they are living with me on the same house. If he rented it out and not deciding to live in the condo then still can he consider as a primary resident home when later on if he sale the condo?

Any input would be highly appreciated.

Thank you


 
KING # 1

Junior Desi
Member since: Jul 08
Posts: 23
Location:

Post ID: 239322 14-12-20 13:48:47
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Full House
Senior Desi
Member since: Oct 12




Posts: 2672
Location:

Only a Lawyer will be your best bet.

There are two scenarios and they both need to be met before you will be clear off the Capital gains. In both the cases you will need a lawyer. so, please see him and he will help you all four.

Good luck.

FH.


---
Quote:
Originally posted by KING # 1

Hello all,

In our existing house, we are four people on the title (Me, wife and parents). Me and wife have 40% each and parents have 10% each share on the current property. My dad purchased brand new construction condo and now condo is ready to move in. Condo is completely 100% solely on my father's name.

Can he consider this condo as his primary resident home? If he sale the condo then is it any capital gain taxes he need to pay? At present, they are living with me on the same house. If he rented it out and not deciding to live in the condo then still can he consider as a primary resident home when later on if he sale the condo?

Any input would be highly appreciated.

Thank you





 
Post ID: 239331 15-01-21 03:13:48
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