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Stan Rogers
Joined: 20 Aug 2010
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 Posted: Sun May 17, 2015 4:59 am Post subject: |
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| Wad wrote: |
Many of my colleagues have been doing the exact same thing over the years, sending money to parents to invest in real estate (parent's title), without any tax repercussions. |
There could be inheritance taxes and it would also have to go to probate court which can cost a lot of money.
I know a guy who did just what you mentioned and that's what happened to him. |
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Wad
Joined: 19 Nov 2007
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| Posted: Sun May 17, 2015 5:17 am Post subject: |
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| Stan Rogers wrote: |
| Wad wrote: |
Many of my colleagues have been doing the exact same thing over the years, sending money to parents to invest in real estate (parent's title), without any tax repercussions. |
There could be inheritance taxes and it would also have to go to probate court which can cost a lot of money.
I know a guy who did just what you mentioned and that's what happened to him. |
Sorry Stan..you've lost me here.
In Canada there are no inheritance taxes. Instead the CRA treats the estate as a sale, unless the estate is inherited by the surviving spouse or common-law partner, where certain exceptions are possible. This means that the estate pays the taxes owed to the government, rather than the beneficiaries paying. So as far as I understand this may mean there could be capital gain taxes owed on a property.
Why would it have to go to probate? This seems highly unlikely unless there is no will, no appointed executor, or there is a dispute among family members and/or creditors.
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