My parents are looking to gift their Montreal duplex to my sister and I. They have about 30% of the principal left on the mortgage but the property has appreciated considerably (4X) since they purchased it. What is the most tax efficient way of transferring the property?
Residential Real Estate Broker · Kitchener, Ontario · Member since 2014 · 687 posts · 370 votes
4y
@Adam Aberra It would be best to check with your accountant. It depends upon what your future use of the property is going to be. If it is to hold it, then it might be best to just add you and your sister to the title. NOTE: This is not tax advice - rather just an opinion of something that should be considered when you discuss this with an accountant.