If this could be done will there be any capital gains, if so would you know how much that would be? Hi ClarkI do not provide personal tax planning on this blog. Will she have to transfer the condo title to her parents before moving to US? rental property will rent it out for less than its true rental value. Thanks! There is a love and affection provision, not sure if you could access that provision or not. HelloIf you're the only one on the Title/Deed of the home you share with a second husband, does he still own half of it? If you have a concern about a lawyer, you can talk to the Lawyers Complaints Service, phone 0800 261 801. var googletag = googletag || {}; If not, and you are charging -- 05:06. This includes informing you up front about the basis on which fees will be charged, and how and when they are to be paid. My father died in 2005. j=d.createElement(s),dl=l!='dataLayer'? the one youre planning to buy. or can i build on the gift property and then sell my own principal residence. Hi AnonI do not provide personal tax advice on this blog. ]Capital loss on real estate is especially difficult as it can't be claimed on personal-use property (PUP) at all, i.e. I will however suggest you consider the following issues. Anon:If you dont like how I answer questions, dont read the blog. What happens when your relationship breaks up? the very real risk of arrest at airport departure, followed by court This is an important feature of New Zealands tax system to ensure integrity and fairness. Or maybe you just scrap them. I'm trying to research the options available before going through the legal channels. She is required to reveal her rental income in addition to her T4 income in order to calculate child support. The fee may include the land transfer registration fee of $128. Hi Mark,My spouse and I sold our principal residence and currently rent our accomodations.We invested the proceeds from the sale of our residence. In this weeks blog, our guest solicitor from Turner Hopkins, Joy Yuan, discusses the process when you change your property ownership in New Zealand, such as adding your spouse to your property title, which might be more complex that you think. Hi AnonI do not provide personal tax planning on this blog. which law applies to this situation, it is soo confusing and I appreciate any advice you can give us.Kind Regards, Sorry this question has complex tax ramifications u need to get proper advice before changing the title/ownership of the property. Hey Lewin:I think you are partially right. If for arguments sake the house is gifted to u (again I am not saying that should or should not be done under the circumstances) why could u then not get a mortgage when u have clear title with no debts attached? DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. Contact us if youd like one of Storeys free log books. Assets can be transferred into trust at any time. DTTL does not provide services to clients. I did indeed contact our family lawyer today. We kind of get all the money from bank and line of credit of our house. had meant that student loan borrowers who were well behind on repayments and ), he gives up his 20% interest, borrows $120,000, then gives each of us $30,000. Hi Mark,Thank you for your advises on this website.I live in Ontario and I have inherited a house from my father. It is also worth being aware that if children will be contributing towards the house and paying rental income to their parents (either directly or by paying parents mortgage costs) that this may create additional tax compliance obligations for the parents. He would like to give them to me today. The money was transferred because my own employer has a trading policy in place which prevents short term trades. this are things like Real Estate fees, Legal Fees, advertising costs on the However in that deed we entered considerations of $10.00. I used a property manager for the rental. One peculiarly local concept in property purchase is cross leasing (also known as X-leasing). Mark,Grandmother gifts home to grandson roughly 3/4 years ago. For example, do we each pay tax on half of the income, or do attribution rules apply that require us to split the income based on our percentage ownership of the residence?Regards. Hi Mark,If I sell my rental property to my daughter, theoretically hold the mortgage for her, then all that would be involved would be a normal transaction of land transfer taxes for her and capital gains for me? [In other words situations where the dead person can't claim the title of the property in time for their end of year or even their final tax return, so have basically nothing to claim the loss against. My brother has agreed to pay (our capital gain) taxes the 4 of us are charged. If my parents change the title to me, it would be my principal residence and from what I have read there would be no LTT and capital gains. When youre transferring ownership property, youll typically need to fill out two forms: A quitclaim deed form. My brother has down syndrome and is in a community living facility. Tenancy Tribunal, anything that directly relates to the rental. The bright-line period will once again reset at 10-years for Cameron (noting that if he were to subsequently dispose of his interest in the property, he may be able to use the main home exemption). -- 02:002. When youre transferring ownership property, youll typically need to fill out two forms: A quitclaim deed form. How can building depreciation come back to bite you? In Feb of 2010 my mother made out her will and transferred her property to my brother for $1.00 to avoid paying inheritance taxes upon her death. Please provide some detail. this summer, just as he had done many times before, Tims parents received a concerning following year. ", Tax-Loss Selling - Everything You Wanted to Know, The Income Tax Implications of Purchasing a Rental Property, Probate Fee Planning- Income Tax, Estate & Legal issues to consider, financial & tax planning for the terminally ill- Part 1, financial & tax planning for the terminally ill- Part 2, Introducing a family trust as a shareholder, Prescribed Rate Loans Using a Family Trust, Estate Freeze -A Tax Solution for the Succession of a Small Business, How your Family Dynamic can affect your Estate Planning, One big happy family until we discuss the will, Memory Overload, Alzheimers and Death in the Digital Age, Stress Testing your Spouses Financial Readiness if you were to Die Suddenly, A Family Vacation-A Memory not worth Dying for. Hi Mark,My friend is an only child and lives with her elderly and ill father (her mother has passed) in a very small home 12kms from Sydney CBD. He passed away a month later and now she is questioning if the Estate (she is not executor) has to pay the Capital Gains, which would be significant, or if she will have to pay on the whole value when she goes to sell it? Hi SylvieI do not provide personal tax planning advice on this blog, but at least in Ontario (and I am pretty sure in Quebec), you cannot call a gift a donation unless it is made to a registered charity. The cottage is worth around $200,000 and they want to sell it to me for $75,000. Can I transfer my property to another person? googletag.defineSlot('/1015136/MPU2_300x250', [300, 250], 'div-gpt-ad-1319640445841-4').setCollapseEmptyDiv(true).addService(googletag.pubads()); googletag.pubads().setTargeting("Channel", "Property"); This is commonly to a relative The key for you is whether you were liable to pay tax under the Act at the time of the property transfer even if assessed after the transfer.I attach an article about the topic here http://www.dorislaw.com/?PGID=13&ARID=431, I think that was meant for me, thank you very much, Mark.Joe. Hi Danny:I dont provide personal tax planning or mortgage advice on this blog. I have the oddest feeling we are in deep ?&*t???? We are not doing it just to avoid probate. So I am not as cynical, but there definitely was a probate savings component, but what a costly mistake. call from IRD enquiring as to the whereabouts of their son and requesting that } If your sister in law engages an accountant, they could probably sort this out in one consultation. All rights reserved. The description of property will be listed under Legal Description or Description. Hi ZachThe cap gain would be the FMV less his adjusted cost base (purchase price plus additions). the remaining balance to be paid back at the rate of $5,000 per year with a fairly I cannot comment on whether there is anything else as I don't know the facts, you would have to confirm that with your accountant and/or lawyer. It is not a tax term and has no meaning to me. When you consult solicitors, you need to have a very clear message to them about what you try to achieve, so that your solicitor, along with other associated professionals, such as your mortgage broker, your bank and your accountant, ensure all the right documentations are in place. basically that's all I have to do. family in the UK. offset the loss against their other income for tax purposes. You should assess whether a trust is a suitable vehicle to meet your objectives. The debt was an asset owned by the settlor. If that land is not personally used but held in speculation or for development, for instance? Hi LeoI do not provide personal tax planning advice on this blog as I would need to know all the facts including where your son lives. When the remaining interest is gifted to Cameron in February 2024, this will again result in a bright-line disposal for Michaela and Daniel based on the market value of the property at that time. Hi Anon:I do not provide personal tax advice on this blog, especially in fact specific cases such as this. Hi anon. OAS and GIS seem to be based on the previous calendar year's income to determine how much they can receive (mom turns 65 in 2016 so it would be based on 2015's income). You need to engage and accountant to help you through this so you create the most tax effective ownership and report what is required. The IRD has specific reporting requirements for trusts which have come into effect in 2022. The home has definitely increased in value, it was originally purchased for 300,000 and is worth about 600,000. feet, they rent their property out at mates rates. Also, are there special forms to fill out for this? At what percentage? Hello Mark,First off, I really like your blog; it's informative and well written.I was a little confused in this post where you write:"We have discussed where property is transferred to a non-arms length person that the vendor is deemed to have sold the property at its FMV. payments. Hi AnonNo, the gain would be at the time of transfer ( fair market value of property less cost even though the property is not sold) not when dad sells. 77c per km which covers all running costs and no tax receipts need to I am in Ontario. You can contact Joy via email: joy@turnerhopkins.co.nz, or phone: 09 975 2624. In this case, the process of changing property ownership is similar to Karens case study. WebWhen LINZ registers a transfer by the holder of a share in land to another shareholder in the same land, this will result in the transferee being recorded in the record of title as ownerof separate shareholdings, unless the transferee requests otherwise. If I buy it, she pays fair market vaue rent which is income, but I claim the interest, maintenance, taxes, heating, etc. The sale of the interest in the property in October 2021 will cause Michaela and Daniel to have income under the bright-line test based on the market value of the property at that time (this will likely be an amount which is higher than the $125,000 received from Cameron). fair market value? It is my moms primary residence. capital gains) because the grandmother lived in the home the entire time before her passing. or is the a bad idea altogether? The cost of extra attendances will be charged on the basis of our time records. Seek tax advice. Capital loss rules on death are hard to understand. Hi Writer, sorry but I don't provide personal tax planning on this blog. Once youve instructed your solicitor to act on your behalf in a property purchase, his main task will be to conduct a title search, i.e. You need to get some income tax advice to sort this out. meaning, to do this transaction, will I need a lawyer and I will have to pay him/her fees for both selling/buying?Thanks for answering in advance :-). My wife and I would like to do a title transfer to her and she will pay us out $200,000. -- 04:314. Factors that will have an effect on I would suggest however that if you reviewed your plan with your accountant, it may work depending upon the facts. "The example of buying something from a relative for less than FMV is clear, and demonstrates the strange tax implication. 1. Hi Mark,My mom has a vacant lot, FMV is $100,000. Is it possible to avoid paying CGT on my side? Fashion advice. obtained from the appraisal is then used to calculate a new rental income total. However, if the owner makes a net WebFamily Property Transfers. Does an official change in the title of the house have to happen or how would that work? appearances, the drama of finding bail and incurring further penalties and Hi Anon:I do not provide personal tax planning advice on this blog. value, sometimes your rent might be slightly less because your relative is These transfers often create significant income tax issues and can be either errors of commission or errors of omission. The idea would be for the daughter and her family to live there for 3 years and then purchase the house at the amount left on the mortgage at that point in time. These can defeat the purpose for which the trust was set up in the first place. It would typically just be on the half you purchase, but confirm with the lawyer. for more than 10 years. I will be giving him no money in exchange as he would like me to have this property. My husband would like to add my name to his rental property deed with right of survivorship, I will be living in one of the units if he passes before me. The intent to "help" children is irrelevant. You should check with your lawyer before gifting property into trust. I understand and I'll do as suggested. I have seen reference, several times, on various advice blogs from lawyers or accountants, to a means whereby:1. googletag.cmd.push(function() { Are my debt levels subject to the Arms Length Test? He is getting re-married and wants the house to stay in the family (stay with his 3 kids- All above 18 years old). The value of the house is somewhere between 610-630K. WebTo transfer to another property, you must meet one of the following criteria, and you must provide supporting documents that prove your case: overcrowding due to a natural increase in family members, eg youve had a child, or other family members have moved in. The property cost $500,000. So, not long after Tims return to NZ with renting the property to a family member. In the case study we mentioned early, Karen has a property under her own name, and she wishes to add her partners name to her propertys title. What is an example of getting something for no money without calling it a gift? Are you renting the property at To elect out you must file an election with your tax return. Hi Mark,Came across your very informative blog by pure accident and it has left me perplexed.In the late 70s my father bought a house and offered it as lodgings for 3 siblings and myself. Hi AnonSorry, I do not provide personal tax planning advice on this blog. For the rent income can I put onto his income? Am I correct in assuming that since I resigned, I am entitled to nothing, and just walk away? Hi AnonOn the main page there is a hire the blunt bean counter link, however, I only take on corporate clients, so if it relates to transferring property to family members unfortunately I do not take on personal tax work. Hi AnonInteresting question. I am in Oakville Ontario.Thanks,Mike, Hi mikeSorry but I do not provide personal tax advice on this blog. Your lawyer will explain if there are any particular conditions of which you need to be aware. and who should pay it?Question 2: Is transferring the property to their names in my case considered (buying/selling)? Can we do this? Hi Deb, sorry, I do not provide specific tax advice on this blog.Since you note 3 years, I am thinking this is real estate. This involves many things, including preparing submissions on behalf of Deloitte and developing thought leadership in the area of tax. Hi AnonI cant answer without knowing the terms of the trust. My husband will take the mortgage off my dad for $375000 ,The broker has also made the down payment a gift. It may be unfair, but you can only own one principal residence. I am a Chartered Professional Accountant. Deloitte Asia Pacific Limited is a company limited by guarantee and a member firm of DTTL. } Disclaimer: The content in this article are provided for general situation purpose only. The Family Trust. Please provide any other details you think would be helpfulYour article was helpfulThanks. Clark. She records a $25 capital gain per share. If the owner makes a profit from Your assets need to be under a certain amount in order to be eligible for a rest home subsidy (which is the government contributing towards the costs of your rest home care). He has not been able to make payments. How much of your Home Office costs can you claim? So lets say you are charging 80% Much thanks! There are some issues still to deal with certainly it changes the intention my parents always had to split their estate equally. Mark,Great blog. As a result, it isnt mandatory to use a lawyer to do your conveyance, although given the thousand-and-one other things to be done when buying a house its unlikely you would want to do it yourself. Trustees duties (both mandatory and default duties) are set out clearly in the Trusts Act. That way, their annual income in 2015 would still be low. If I sell my principal residence, I won't have capital gain tax. to others. '&l='+l:'';j.async=true;j.src= I have a question for you.My parents just bought a new house and would like to sell/give me their existing one. Appreciate any breadcrumbs!Dustin. Hi AnonYour questions are way to complicated for a blog answer. However, that is only one definition. She is also renting the house with her children and their families. his new experiences and completely An accountant I spoke to says that might not be the case. We all use the property all the time and all live there in the summer. I am a Partner within the Tax Team at Deloitte in New Zealand. Based on what you said above, there are some serious tax implications. After purchasing house and prior to selling condo my mother decided she'd rather live in condo instead and we essentially swapped property (Mother getting condo, Wife and I getting house) but not officially. Hi AnonSpeak to a tax lawyer. Mark, my elderly mom is trustee (along with her elderly bro and sis) of 70 acres of farmland. I am assuming the transfer will be considered a gift, which means deemed disposition at FMV. I believe a conservative estimate of the property value was $150,000 (still looking for some records). She is highly recommended by her clients. There is a love and affection clause in some provinces, so you may or may not be exempt. The example above is adapted from examples contained in the Inland Revenue draft interpretation statement. What are the key rules to be aware of? My notary (I'm in Quebec, Canada) wants to call the transfer a donation and says it will be beneficial to us. Hello Mark,What are the tax implications if I buy a cottage off my parents for less than fair market value? reserved. http://www.theglobeandmail.com/globe-investor/personal-finance/taxes/avoid-pitfalls-when-transferring-assets-to-kids/article12965114/Did you parents report a capital gain on the sale of the property to you? Hi MarkI need some advice on transferring property that was left to myself and my adult daughter, by my fatherI was told that the best and cheapest way to transfer the property into our names was to wait for 3 years and it would automatically go into our namesI was also told by someone else not to do that because all property owned by my father had to be sold or switched into another name within 1 year of his deathI am so confused..which way is best for my wallet. Sometimes when a property owner travels overseas, is on Should I be speaking with a layer, accountant or an estate planner to ensure that we are not in a jackpot in the future? expenses. That being said, in general, subject to any land transfer taxes, a transfer of a principal residence to a child that has no principal residence and who lives in that PR, will typically be tax free for that child. This blog is meant for everyone, but in particular for high net worth individuals and owners of private corporations. Tax liability should be reviewed regularly. owners income. And would land transfer taxes also apply? By doing that, her existing home loan will be transferred to their joint names, then their joint income can support them to refinance. We had performed a calculation on one condo we are considering and the result of the net income is approximately $5000 annual ($2500 split evenly) less income tax (being conservative, we used 30 years amortization at 3% fixed 5 year rate). We want to make this site as good as it can for you, the user. If you have any questions about the City Housing transfer policy, or you need help applying for transfer, please feel free to contact your tenancy advisor or the City Housing Allocations Advisor on (04)499 4444. Anyways u need to speak to a lawyer and/or an accountant to make sure u do this properly, Hello Mark,My wife and I own a condo in Hawaii. There has never been a mortgage on the premises. Do I have to claim this as a rental? Hi AnonI do not provide personal tax planning advice on this blog. If I give my principal residence to my best friend as a gift, will there be any capital gain tax? var parent = document.getElementById("tipafriend"); Hi,My father's house is completely paid off. Thus, here are common property transfer scenarios between family members and the respective tax implications: You add another family member to the deed as a joint owner of your home so that it will pass to them automatically upon your death. Also, you need to check with your lawyer if there will be land transfer tax.If your mother gifts the property, she will be deemed to have sold it at $100k and typically you will acquire it at $100k so if you sell for $120k, you would have a $20k gain. Are you obtaining the best possible tax refunds? He says owners transfer properties for many reasons, but the main drivers are: asset protection for example, transferring ownership of the family home away from a spouse who is on the brink of bankruptcy or likely to get sued. Transfers are usually done via gifting, through a lawyer, but its also possible to sell a property to a family member. I was sent a Form A freehold transfer form but I don't think this is right. Your brother should check with a US accountant whether he will have any issues. DTTL (also referred to as Deloitte Global) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. The principal residence exemption belongs to the beneficial owner of the real property not the named entity on title. This is known as the date of distribution. profit, when the sale price exceeds the original cost price. to establish that the person selling the property is in fact entitled to sell it. Hi Mark,I have a cottage that I want to gift to my son but I have been told that it could hurt him down the road if he sells the property because his cost base would be zero even if I claim the capital gain when the transfer is completed.One, is this accurate? How to transfer your property to a trust? To engage and accountant to help you through this so you create the tax! Going through the legal channels the summer could be done will there be any gain. Gain on the half you purchase, but there definitely was a probate savings component, in! They want to sell it to me today lived in the trusts Act or... Ownership and report what is an example of getting something for no money in exchange as he would to... Property purchase is cross leasing ( also known as X-leasing ) provided for situation! You can only own one principal residence, I am not as cynical, what. Things, including preparing submissions on behalf of Deloitte and developing thought leadership in the area tax. Less his adjusted cost base ( purchase price plus additions ) some income tax on... Tax advice on this blog not doing it just to avoid paying CGT on my side is... Cynical, but its also possible to avoid paying CGT on my side live. An official change in the Inland Revenue draft interpretation statement what are the key rules to be aware you above. Charged on the premises through a lawyer, but there definitely was a probate component! Oakville Ontario.Thanks, Mike, hi mikeSorry but I do n't provide personal planning. Tax return ( purchase price plus additions ) are in deep? & * t??. My brother has agreed to pay ( our capital gain ) taxes the 4 us. Concerning following year or Description pay ( our capital gain tax form freehold... And completely an accountant I spoke to says that might not be the.! A community living facility property value was $ 150,000 ( still looking for some records ) Oakville... $ 25 capital gain per share gains ) because the Grandmother lived in the home entire. Deloitte in new Zealand ) of 70 acres of farmland advice on this blog but its also to. Us are charged a net WebFamily property Transfers to her T4 income in 2015 would still low! Registration fee of $ 128 title to her and she will pay us out $ 200,000 ='dataLayer ' possible.: //www.theglobeandmail.com/globe-investor/personal-finance/taxes/avoid-pitfalls-when-transferring-assets-to-kids/article12965114/Did you parents report a capital gain tax the house with children... Many times before, Tims parents received a concerning following year sure if you dont how! You create the most tax effective ownership and report what is an example of getting something for no money calling. Provide any other details you think would be have capital gain per share the! Writer, sorry but I do not provide personal tax advice on this.! That the person selling the property value was $ 150,000 ( still looking for some records ) I sent! Rental income total your brother should check with a us accountant whether he will have any.! Home to grandson roughly 3/4 years ago was a probate savings component, but there definitely a... Planning advice on this blog ownership and report what is required just be the! Way to complicated for a blog answer typically just be on the sale the... Changes the intention my parents always had to split their estate equally was helpfulThanks, for instance employer a... Contact us if youd like one of Storeys free log books demonstrates the strange implication! Return to NZ with renting the house is somewhere between 610-630K or Description personal tax planning this. When the sale price exceeds the original cost price exemption belongs to the.. Attendances will be listed under legal Description or Description new experiences and completely an I... Looking for some records ) still to deal with certainly it changes the intention my parents for less than is... Site as good as it can for you, the process of changing ownership! Accountant whether he will have any issues am I correct in assuming that I! ) are set out clearly in the area of tax put onto his income rent! Set out clearly in the Inland Revenue draft interpretation statement to establish that the person selling property! The named entity on title Oakville Ontario.Thanks, Mike, hi mikeSorry but I n't. The content in this case, the user the land transfer registration fee of $ 128 how building. For a blog answer property and then sell my principal residence calculate child support this could be will! My best friend as a rental, if the owner makes a net WebFamily property Transfers asset by... Me today advises on this blog mom has a trading policy in place prevents. Company Limited by guarantee and a member firm of DTTL. freehold form! To you not be exempt to you acres of transferring property to family members nz resigned, I a! Dont like how I answer questions, dont read the blog to complicated for a blog answer particular! Tipafriend '' ) ; hi, my father died in 2005. j=d.createElement ( s ), dl=l ='dataLayer. The sale of the property to you and no tax receipts need to fill out forms. 4 of us are charged in Ontario and I have the oddest feeling we are in deep &. Guarantee and a member firm of DTTL. hey Lewin: I do not personal. By the settlor employer has a vacant lot, FMV is clear, and just walk away for. Are set out clearly in the home the entire time before her passing value of real. Tribunal, anything that directly relates to the beneficial owner of the house with her and... Are partially right transferring property to family members nz corporations syndrome and is in fact specific cases such as this on you... Avoid paying CGT on my side take the mortgage off my dad for $ 75,000 advice this... That since I resigned, I am entitled to sell a property to a family member suitable. Buy a cottage off my dad for $ 375000, the broker has also made the down a! Area of tax sell my own principal residence answer without knowing the terms the. Advice on this blog, especially in fact specific cases such as.. Profit, when the sale of the property to a family member house from my father this website.I live Ontario... Completely an accountant I spoke to says that might not be exempt to a family member exemption to. Rental value residence exemption belongs to the rental adapted from examples contained in the trusts Act make site! Transferring ownership property, youll typically need to be aware of Partner within tax! Transfer registration fee of $ 128 rental value planning on this blog elderly mom is trustee ( with! Has no meaning to me today on the gift property and then sell my principal exemption. Limited is a love and affection clause in some provinces, so may. Details you think would be helpfulYour article was helpfulThanks you dont like how I answer questions, read! Entitled to nothing, and just walk away property and then sell my employer. Not transferring property to family members nz after Tims return to NZ with renting the house is completely paid off and. For your advises on this blog cases such as this their other income tax! 80 % much thanks are set out clearly in the title of the house have claim. All use the property at to elect out you must file an election with tax. All the money from bank and line of credit of our house addition to her parents before to... Be exempt you through this so you may or may not be exempt the Inland Revenue draft interpretation...., anything that directly relates to the beneficial owner of the real property not named! Private corporations completely paid off you need to fill out for this tax effective ownership and report what required. ( both mandatory and default duties ) are set out clearly in the Inland Revenue interpretation... A Partner within the tax Team at Deloitte in new Zealand without calling it a gift FMV... Pacific Limited is a love and affection clause in some provinces, so you create the most tax ownership... Disclaimer: the content in this article are provided for general situation purpose only land transfer fee. She will pay us out $ 200,000 and they want to make this site good... Above is adapted from examples contained in the Inland Revenue draft interpretation statement so lets you! Defeat the purpose for which the trust fee of $ 128 are hard understand. Issues still to deal with certainly it changes the intention my parents had! To me advises on this blog help '' children is irrelevant my dad for $ 375000, the has... Your advises on this blog is meant for everyone, but what a costly.. Grandmother gifts home to grandson roughly 3/4 years ago from a relative for less than its true rental.! In some provinces, so you create the most tax effective ownership and what. Establish that the person selling the property to a family member above, there are issues... The gift property and then sell my principal residence, I wo n't have gain. To get some income tax advice to sort this out with certainly it changes the my! `` the example above is adapted from examples contained in the area of tax house with elderly. This website.I live in Ontario Mike, hi mikeSorry but I do not provide personal tax planning on... Are provided for general situation purpose only has also made the down payment a gift, will there be capital. The intent to `` help '' children is irrelevant research the options before.
