TheAmelaApproach
Region: CA
Thursday 12 November 2026 02:40:39 GMT
23233
113
17
20
Music
Download
Comments
Karl Mamer :
This advice only applies if your parents are trying to pass on an investment property. Would I accept, say, a $600,000 cottage or investment property and in return I only have to cover their $50,000 in capital gains? I might take that deal. But any property you leave to your kids once they take title they will be responsible for property tax and have to insure it. If they are not ready to cover those costs then really your best decision is to simply have the property sold by the executor on your passing and your kids divide up the money.
2026-11-13 10:23:44
0
user35750093495207 :
Principal residence is tax free
2026-11-12 04:53:19
8
Bigpoppawrenching :
System is rigged against our kids.
2026-11-12 12:42:24
0
JamesT :
Sell the home while alive, put in joint chequing account, no taxes , no probate
2026-11-12 04:53:56
0
Tonkaman1 :
Keep it under a million and farms can be gifted without paying capital gains
2026-11-12 03:49:19
1
JackAshlley :
CPA here - very misleading. If your home is your principal residence, you can transfer it to your kids at its fair market value, tax free to you. If it's your kid's only house, it's now their principal residence and also exempt. If they already own a house, they can sell it nearly immediately and it's generally not taxable because it was given to them at fair market value, so there's no gain to tax since fair market value is what you'd get for it. If it's their second home and they keep it for awhile before selling it, they would pay tax on the gain and also be among the top 10% who owns more than one property and I guess they're ok
2026-11-12 13:19:15
4
westwoodemperor :
This is so incorrect it’s sad.
2026-11-12 08:31:05
3
cansail63 :
Form a trust with your children for your estate. Since the estate is in trust, there is no inheritance and no capital gains to be realized. CRA gets nothing.
2026-11-12 14:35:06
1
Great_Albums :
Capital gains tax only applies if the child already owns a house, so the gift house becomes a second asset. Otherwise, the gift house becomes a primary residence for the child (even if they don't live there), and the parent can simply transfer title for free and nobody owes extra taxes. The latter also has the advantage that if the parents die, the house will not go into probate (long expensive process), as it can if the child inherited the house through a Will.
2026-11-12 13:08:39
0
TheAmelaApproach :
📌 IMPORTANT CLARIFICATION ❤️If your home fully qualifies for the principal residence exemption, there is generally NO capital gains tax when you gift it to your children! CRA generally treats gifted property as disposed of at fair market value, but any applicable capital gains tax is calculated on the taxable gain, NOT the property’s full value. And remember, capital gains tax isn’t the only consideration. Existing mortgages, potential land transfer taxes and how ownership is structured can all matter. Every family’s situation is different. The goal here is to educate, explore options and encourage informed decisions. Knowledge is power! ❤️
2026-11-12 13:32:40
0
Bulywf :
just abolish the CRA. Sounds way less complicated.
2026-11-12 10:10:16
0
Author C. C. Chamberlane :
One more case of someone not knowing ALL the rules..
2026-11-13 13:06:06
0
To see more videos from user @theamelaapproach, please go to the Tikwm
homepage.
