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Should you sell your home to your kids?
– moneysense.ca
Q. A scenario we are thinking of is “selling” our principal residence to our three adult children. We would use the proceeds to build a vacation home that they will eventually inherit. When they buy our home, it will not be a principal residence for any of the children, as they all have homes. Instead, it will become an investment for them, while their mother and I rent from them until the vacation home is built and beyond.
The house is worth just over $600,000. We need $450,000 to $500,000 at most to build, and would be willing to sell the principal residence to all three of our kids for that price. Does this sound workable? Can we choose this lower price without any tax implications?
–Graham
A. First off, Graham, kudos to you for creativity. This is an interesting proposal and an opportunity for your family.
Assuming you have not owned another home during the years you have owned your principal residence, the sale—whether to your children or otherwise—should qualify for the principal residence exemption…
The house is worth just over $600,000. We need $450,000 to $500,000 at most to build, and would be willing to sell the principal residence to all three of our kids for that price. Does this sound workable? Can we choose this lower price without any tax implications?
–Graham
A. First off, Graham, kudos to you for creativity. This is an interesting proposal and an opportunity for your family.
Assuming you have not owned another home during the years you have owned your principal residence, the sale—whether to your children or otherwise—should qualify for the principal residence exemption…
