Capital Gains Tax in Canada?

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yes, taxable capital gain on transfer of 2nd house, deemed sold @ fair market value on day of transfer though gift without monetary consideration. reason house lives in principal residence - 1 per taxpayer - , tax free upon disposition, , 2nd house taxable property upon disposition.

hope grand daughter uses house principal residence. otherwise, cost base house zero, trigger huge capital gain @ later day.

my mother owns 2 homes. lives in 1 , gave away other house grand daughter. capital gains owed on second house?


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