Thanks for the quick reply! really appreciate it!
A couple follow up questions:
1, Do I have any tax implications from receiving their share of the property? Since my ownership increased from 33% to 100%. Do I need to notify CRA of this change in ownership % ?
2, If we convert the ownership from Joint Tenancy to Tenants in Common. I take 98%, and my parents each take 1%. Same logic of the tax implication applies? My parents would be paying capital gain for disposing their share of 32% each, from 33% to 1%?
3, Since there wouldn't be an actual sale of property here, does CRA clearly defines how the FMV (fair market value) will be determined? Based on provincial government’s assessment value?
Thanks again! 🙂
