The only tax implications you might have is when you sell the property, and those will depend on how you use the property. If it remains a rental property you'll pay capital gains tax when you sell.
The same tax rules apply whether you are Joint Tenancy or Tenants in Common.
The CRA doesn't specify how you would get the FMV. It might be a good idea to get a professional appraiser to give you a value. The value of the property on your property tax bill may be too low.
