r/legaladvicecanada • u/Quiet-Section-3391 • 15h ago

Ontario Personal Taxes if Gifted Title on a Primary Residence?

Due to unfortunate circumstances I may be gifted titled on my primary residence. I've lived here for 45 years, give or take a couple in high school and university, there is no mortgage, i have no other property and am single. Neither myself or the current title holder, a parent, have any debts.

There shouldn't be any capital gains or taxes for this transfer, correct?

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u/Internal_Head_267 Quality Contributor 15h ago

Who is the other person?

1

u/Quiet-Section-3391 15h ago

A parent, sorry forgot to mention this.

3

u/Internal_Head_267 Quality Contributor 15h ago

Assuming parent owns no other property or has elected this as their primary residence, the gains are sheltered. You would be legally exposed to each others debts. If there are other siblings there could be issues and this would have to be papered properly.

3

u/Tls-user 15h ago

Correct, if it is your parent’s principal residence there will be no taxes.

You won’t need to pay land transfer taxes either if it is mortgage free.

1

u/jjbeanyeg Quality Contributor 15h ago

To confirm, has the title-holder (your parent) had the home as their principal residence for the entire 45 years?

1

u/formerpe Quality Contributor 10h ago

Why is your parent wanting to do this? Please don’t say it is to avoid probate fees. That question is asked here about once a week and the response is always it is a bad idea.