Taking name off joint tenancy of property title - tax implications?
A bit of background, my parents primary residence was transferred to me and my sister under joint tenancy. It remains as my sisters primary residence, and mine at the moment. We both do not have any other property.
I plan on moving to the US in the future and to avoid major tax complications or headaches down the road, I want to be taken off the the joint tenancy completely.
I imagine this is possible, but what I am most curious about is will it trigger any tax complications in Canada if this happens? There will not be any financial gain for me or anything in this transaction. I just want my name off the property title/deed.
Another question I had, since the names was transferred from my parents to me and my sister without any capital gain tax, if we decide to sell the house (while its still our primary residence,) would it trigger capital gain tax as we inherited the house?)
Any advice would be greatly appreciated.
I plan on moving to the US in the future and to avoid major tax complications or headaches down the road, I want to be taken off the the joint tenancy completely.
I imagine this is possible, but what I am most curious about is will it trigger any tax complications in Canada if this happens? There will not be any financial gain for me or anything in this transaction. I just want my name off the property title/deed.
Another question I had, since the names was transferred from my parents to me and my sister without any capital gain tax, if we decide to sell the house (while its still our primary residence,) would it trigger capital gain tax as we inherited the house?)
Any advice would be greatly appreciated.
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You from brooklyn? Then biggie must be ashamed of you
You from brooklyn? Then biggie must be ashamed of you