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The best life insurance in Canada: your complete guide + MORE Dec 30th
Wondering how to get the best life insurance in Canada for you and your family? You’re not alone. The pandemic has shown Canadians that we are not invincible. In fact, 44% of us now plan to buy life insurance because of the effects of COVID-19, but not everyone is confident in understanding what l.... More »
How does earthquake insurance work? May 3rd
Earthquake insurance may not be on the minds of many Canadians. And earthquakes may not top the list of likely natural disasters in Canada, but your home could be at risk. According to a study commissioned by the Insurance Bureau of Canada, a major earthquake could devastate communities across the c.... More »
How to deal with the rising costs of auto insurance due to car theft Apr 17th
Looking for a break on car insurance premiums is often top of mind for drivers. And finding ways to reduce that figure is especially important now, when rampant thefts have led to higher insurance costs.
How to lower the cost of auto insurance and prevent car theft
Experts say installing .... More »
Three Money Hacks That Can Make You Richer Mar 7th
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Life hacks are usually small, resourceful lifestyle changes that can make your life easier, like turning a milk jug into a watering can, or master.... More »
The best travel insurance credit cards in Canada for 2024 Jan 4th
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The best travel insurance credit cards in Canada for 2024
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When two people are on a condo title, who pays capital gains?
– moneysense.ca
Q. I purchased a condo in Saskatchewan in 2001. I was young, and because I had a lower income than usual that year, my father co-signed for the mortgage. If I sell the condo with my dad on the title, will he be subject to the capital gains tax? And if so, can I get him off the title prior to a potential sale and avoid any capital gains tax?
—Kurt
A: The entire concept of ownership in the Income Tax Act is intriguing, as there is no clear definition of the term. For tax purposes, however, capital gains are reported on the tax return of the beneficial owner of the property—the person who has legal ownership and enjoyment of the property as well as the legal title.
In Interpretation Bulletin 170R, the CRA describes beneficial ownership as having possession, use and risk as its primary attributes. Taking responsibility for insurance coverage, interest costs and entitlement to any income from the property all are considered indicators of ownership.
Resulting income taxes, therefore, are paid by that beneficial owner…
