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12-01-2022, 09:44 AM
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#24126 | | Rs has made me the man i am today!
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Originally Posted by Hondaracer  Even with a will you still will pay property transfer tax.
One or all of you has to have ownership of the house to avoid this | My understanding of this is that adding myself to my parents title would open me up to capital gains down the road b/c their home is not my principal residence and the proportion of ownership I'd have at that point would be taxable.
The alternative is that they sell the house before they pass and gift the money instead - both steps are tax free - but this assumes there's an opportunity to sell before they both pass (this is likely - many go into nursing homes or move in with the kids anyways).
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12-01-2022, 10:02 AM
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#24127 | | Willing to sell body for a few minutes on RS
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| Quote:
Originally Posted by supafamous My understanding of this is that adding myself to my parents title would open me up to capital gains down the road b/c their home is not my principal residence and the proportion of ownership I'd have at that point would be taxable.
The alternative is that they sell the house before they pass and gift the money instead - both steps are tax free - but this assumes there's an opportunity to sell before they both pass (this is likely - many go into nursing homes or move in with the kids anyways). | My understanding as well, in the case of my mother in law and my wife the market was very flat at the time and she had only been in that home for 1 year, if there were any gains it was minimal so the Capital Gains thing wasn't a big deal at that time.
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12-01-2022, 03:41 PM
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#24128 | | RS.net, helping ugly ppl have sex since 2001
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Originally Posted by supafamous My understanding of this is that adding myself to my parents title would open me up to capital gains down the road b/c their home is not my principal residence and the proportion of ownership I'd have at that point would be taxable.
The alternative is that they sell the house before they pass and gift the money instead - both steps are tax free - but this assumes there's an opportunity to sell before they both pass (this is likely - many go into nursing homes or move in with the kids anyways). | Dumb question but who's the expert on all things this? Accountants?
I wanted to look into a scenario where a parent has their name on title with their kid and husband but the parent doesn't live there. The parent is now looking to buy a place and wanted to know what the best course of action is i.e. have their name on 2 titles. Remove his name from the kids place etc
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12-01-2022, 03:49 PM
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#24129 | | RS has made me the bitter person i am today!
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^^ it's hard to remove a name if there is debt as the remainder owners has to be able to afford the debt themselves. So most of they time if they could afford it themselves in the first place the parents wouldn't be added on.
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12-01-2022, 04:47 PM
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#24130 | | in the butt
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Originally Posted by winson604 Dumb question but who's the expert on all things this? Accountants?
| Slumlords
Because landlords know how to maximize real estate profits by knowing the rules
In my experience with accountants, it's hit and miss. Since there is so many categories of accountants, one will go cross eyed when It comes to real estate, and another one will save you 8000$ on taxes per year.
Sure any accountant can look up the laws and regulations, and get you answers, but at the end of the day, you want an accountant that primarily does real estate + family mixed real estate.
You can find out real quick know good they are, by asking some very basic questions over the phone. If their answers are "uhh uhmmmm il find out for you" vs "yes clause 14.8 of xyz let's you do this", you know who to pick.
On the other end, finding an accountant that has your best interest, and has great communication is the other half of the battle
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12-01-2022, 05:19 PM
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#24131 | | Rs has made me the man i am today!
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I'm sure every lawyer/accountant who goes "yes, you have a case cause of XYZ" knows exactly what they're doing.... That is, they're milking you for everything you got and you don't even know it.
They wow you with the words, you think they know their shit, then you eat up everything they put in front of you. But "Hey, I have a lawyer/accountant, they're really good!"  | |
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12-01-2022, 06:34 PM
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#24132 | | RS has made me the bitter person i am today!
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Just got my CPA and assuming every accountant knows real estate taxes is like going to a costco tire mechanic and asking them to do paintless dent repair.
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12-02-2022, 12:56 AM
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#24133 | | I *heart* Revscene.net very Muchie
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Correct me if i'm wrong, but I was told although there's no inheritance tax in Canada, the children are still subject to tax on property gains of the estate if it is inherited. IE. if you inherit your parents' house after they pass, you will have to pay the capital gains tax on increase in value from the day they bought the place to the day you inherit/sell it.
Best way I was told to legally avoid this is have your parents transfer the title prior to death, or sell it and gift you the proceeds.
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12-02-2022, 01:00 AM
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#24134 | | I have named my kids VIC and VLS
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The idea of selling it and gifting the proceeds is pretty dicey imo. It’s like trying to time the r/e market, you’re trying to time your parents death.
Unless they are in good enough health to facilitate the sale, or they have a terminal illness which allows enough time to sell (which, would be pretty shitty to try and rush a sale of the house a dieing person is living in) it’s pretty tenuous to attempt it
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12-02-2022, 01:17 AM
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#24135 | | I *heart* Revscene.net very Muchie
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well i guess it depends on the family situation. If kids and parents are open enough to talk about this and are not going to scam each other, it's a very viable option to save a ton of unnecessary tax.
If there's a shady kid with no integrity, then the idea of them having to pay some government tax after the passing of the parents is not a concern anyway.
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12-02-2022, 01:31 AM
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#24136 | | I have named my kids VIC and VLS
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I think when the time rolls around there aren’t too many people who willingly leave their house for a retirement home etc.
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12-02-2022, 03:11 AM
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#24137 | | I *heart* Revscene.net very Muchie
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Guys... first off you'll need a tax lawyer not an accountant.
Secondly, and I'm sure this was stated before. Capital gains is taxed at 50% of the appreciation. IE $500k appreciation. $250k is actual taxed
Third there's a few ways to help bypass Capital Gain Tax.
1) make it your primary residence as someone said
2)incorporate a company and sell to the company (you end up owning shares of the company while the Inc company will "own" the property
3) now this I'm not sure how it works but there a process called stepped up in basis. Property gets put into trust and the heir gets added as a beneficiary. Once again, not sure how that avoids the tax??
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12-02-2022, 06:55 AM
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#24138 | | Rs has made me the man i am today!
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| https://zinatikay.com/how-transfer-r...rent-to-child/ https://www.rbcwealthmanagement.com/...-your-children
Just a couple random blog posts about this topic for Canadians.
I didn't read both thoroughly but they pretty much say the same things - you have 4 options to go with and it seems like "Transfer on death" is the most effective one. Putting your child's name on your title when they have a principal residence opens you up to tax issues. Gifting might also create tax issues due to the size of the gift (I'm not sure what the rules are on what gift size has to be reported though).
Edit: One more article that's an easier read: https://www.moneysense.ca/save/taxes...ur-kids-for-1/
From just those 3 articles I'd say the best paths if you already have a principal residence are: transfer on death, gifting, deal with it in probate. If you don't have a home of your own then adding your name to the title makes sense as you can claim it as your principal residence and avoid any cap gain taxes.
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Last edited by supafamous; 12-02-2022 at 07:01 AM.
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12-02-2022, 08:30 AM
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#24139 | | I told him no, what y'all do?
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i wonder if the kids have a primary residence, can they put it in the names of grandkids instead, even if they're under 18
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12-02-2022, 08:57 AM
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#24140 | | Rs has made me the man i am today!
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Originally Posted by GLOW i wonder if the kids have a primary residence, can they put it in the names of grandkids instead, even if they're under 18 | I think there was a line in there somewhere that said the tax hit would fall on the original owner till the kids turned 18. I'm not sure how that works though.
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12-02-2022, 02:07 PM
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#24141 | | RS has made me the bitter person i am today!
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I've heard of the corporation one, but then that's assuming the property has no debt, and it's not cheap to start and keep a corporation, I believe few thousand a year? As I'm not sure if banks will lend on a corporation that makes no income plus corporate interest rates are higher than personal rates.
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12-05-2022, 05:30 PM
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#24142 | | Rs has made me the woman i am today!
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Do people actually go to low-rise building open houses and complain about views? I'm thinking if they want a view, then they should be going to a high-rise. I listed my place for sale, I'm in the middle spot of a low-rise. RE told me the people that showed up had concerns about "views". Yeah sure there's another building built right beside, but I'm not sure what kinda view they are expecting from a low-rise and also at the price point I'm selling for.
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12-05-2022, 07:52 PM
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#24143 | | Rs has made me the woman i am today!
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Originally Posted by Euro7r Do people actually go to low-rise building open houses and complain about views? I'm thinking if they want a view, then they should be going to a high-rise. I listed my place for sale, I'm in the middle spot of a low-rise. RE told me the people that showed up had concerns about "views". Yeah sure there's another building built right beside, but I'm not sure what kinda view they are expecting from a low-rise and also at the price point I'm selling for. | People ask/comment/complain about the dumbest things, I learned first hand when I was selling my townhouse.
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12-05-2022, 08:29 PM
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#24144 | | Willing to sell a family member for a few minutes on RS
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I’m on the third floor of a low rise and have a view. It depends on the place and the cost. If I’m paying more money for the view today, I’d better still have it tomorrow or I’m not interested.
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Originally Posted by boostfever Westopher is correct. | Quote:
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Originally Posted by punkwax Well.. Id hate to be the first to say it, but Westopher is correct. | | |
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12-05-2022, 09:14 PM
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#24145 | | RS has made me the bitter person i am today!
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Originally Posted by Euro7r Do people actually go to low-rise building open houses and complain about views? I'm thinking if they want a view, then they should be going to a high-rise. I listed my place for sale, I'm in the middle spot of a low-rise. RE told me the people that showed up had concerns about "views". Yeah sure there's another building built right beside, but I'm not sure what kinda view they are expecting from a low-rise and also at the price point I'm selling for. | Buyer and your RE will find any 'flaws' with your home to try to use it as leverage to get you to sell your home faster and/or at a lower cost.
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12-05-2022, 09:23 PM
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#24146 | | I bringith the lowerballerith
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Originally Posted by EvoFire People ask/comment/complain about the dumbest things, I learned first hand when I was selling my townhouse. | Feedback on a condo we were selling: " didn't like there was no parking stall"
Listing specifically said, "No Parking stall"
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12-05-2022, 10:30 PM
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#24147 | | in the butt
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On the topic of Realtors saying literally anything for a sale:
I had an offer on my condo a few years back, keep in mind the offer was 30k above what I paid, not to mention the bathroom Reno, some new appliances, etc.
I posted it for sale due to the methhead living above me, I will never buy a wood frame + non top floor unit ever again
Realtor: the offer is below your ask, but at least you can make a quick profit on the unit, it's a great deal for you!"
Me "tell me how I'm making a profit with your offer"
Realtor: "well I see you bought it 6 months ago for X, and we are offering you Y (30k more), so thats an easy 15k for 6 months after all your costs"
Me "So your telling me the bathroom renovation did it's self, the appliances magically look brand new, I don't need to pay you a commission, and all the legal costs of buying and selling are free?"
Realtor "iiiii uuuuhhh ummmmm well"
Me "click"
__________________ Quote:
Originally Posted by Mr.Money
i hate people who sound like they smoke meth then pretend like they matter.
Originally Posted by ilovebacon
Does anyone have a pair of 25 pounds one-inch hole for sale at a reasonable price?
Originally Posted by mikemhg
Clothes come off and my car is permeated with the smell of fillet-o-fish and canned tuna.
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12-05-2022, 11:49 PM
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#24148 | | Rs has made me the woman i am today!
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Originally Posted by donk. On the topic of Realtors saying literally anything for a sale:
I had an offer on my condo a few years back, keep in mind the offer was 30k above what I paid, not to mention the bathroom Reno, some new appliances, etc.
I posted it for sale due to the methhead living above me, I will never buy a wood frame + non top floor unit ever again
Realtor: the offer is below your ask, but at least you can make a quick profit on the unit, it's a great deal for you!"
Me "tell me how I'm making a profit with your offer"
Realtor: "well I see you bought it 6 months ago for X, and we are offering you Y (30k more), so thats an easy 15k for 6 months after all your costs"
Me "So your telling me the bathroom renovation did it's self, the appliances magically look brand new, I don't need to pay you a commission, and all the legal costs of buying and selling are free?"
Realtor "iiiii uuuuhhh ummmmm well"
Me "click" | Wait, your realtor, or the buyers? If it's yours then he's shitty.
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12-06-2022, 05:20 AM
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#24149 | | RS.net, helping ugly ppl have sex since 2001
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Ahhh yes… Vancouver Realtors. One of our favourite topics on RS. Can you plz try NZ realtors and let us know if they are 1) hot 2) competent
I don’t mind them if they all look like the bimbos from selling sunset
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12-06-2022, 11:42 AM
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#24150 | | RS has made me the bitter person i am today!
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Originally Posted by bcedhk Buyer and your RE will find any 'flaws' with your home to try to use it as leverage to get you to sell your home faster and/or at a lower cost. | I don't think that really matters as 90% of sellers go into the sale knowing what they want to sell it for.
Was eavesdropping at a 2BR 2BA open house, the buyers were complaining how the cabinets looks outdated, it's a 2005 unit that's priced at $700K. The realtor advised that there's a brand new build next door for for $1.1M +GST 
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