How Canadian homes became debt traps + MORE Nov 15th

Q: I am in the process of helping my daughter buy a condo, here is what we have done so far:
We signed the mortgage with her as primary and me as co-signer,  I will be giving her the down payment and she is going to be living there and she will be the one paying the mortgage and all expenses.
My question is what would be the best way to do this transaction looking it at both a legal and tax perspective. From the tax perspective: How should I arrange/declare that I am gifting her the down payment on this condo? And when do we claim the tax breaks for her as a first time buyer? Would that be at time of paying the lawyer for land transfer etc.? Also, I would like to still be able to have some room on my credit as to buy another property so we were thinking if her owning 90% of the condo and me keeping just 10% would work for this purpose. According to the lawyer, we both have to have some percentage assigned because we are both on the mortgage.
From a legal perspective, we are thinking about joint tenancy as the best way to protect the asset if one of us passes away unexpectedly…

Shares of the company fell as much as 7.7 per cent to $13.26

(John Lund/Getty Images)
In 1998, Ann bought a one-bedroom condo in the Kitsilano area of Vancouver. Gainfully employed at a printing company, she found the monthly mortgage payments were within her budget (Ann and others quoted in this story asked that Maclean’s not use their full names). The building was on the older side, and eventually she got the itch to update the decor. She intended to replace only her bathroom sink; she ended up renovating the entire bathroom. “I remember thinking, ‘Well, now that I’ve started…’ ” The kitchen came next, then the living room and finally the bedroom. Ann thought the renos, funded partly on credit and spaced out over a few months, would boost her condo’s value. She also wanted to keep up with her neighbours. “Everyone was doing something,” she says.
Finances became tight afterwards, and she only paid the minimum on her credit card each month. Every year, her condo fees rose while her salary at the printing company (where she still works) stagnated…

Vancouver has banned short-term rentals in basement suites and laneway homes, after a heated debate that saw some city councillors warn that homeowners would not be able to pay their mortgages without income from Airbnb.
City council approved new regulations for vacation stays through websites such as Airbnb and Expedia on Tuesday in a 7-4 vote. The rules prohibit hosts from listing units that are not their principal residence, including any secondary suites on the property.
Mayor Gregor Robertson, along with councillors from his Vision Vancouver party, defended the rules as necessary in a time of crisis. The vacancy rate is just above zero and the city must do everything it can to free up housing for long-term renters, said Robertson.
“I’m stunned to hear that some councillors don’t believe there’s a problem here. We have 6,000 illegal short-term rentals in the city,” he said just before the vote.
“Hundreds of cities around the world are regulating short-term rentals…