We refinanced our mortgage last year, and when we changed banks, they needed him on the title since he was also on the mortgage. We went with 1% ownership and the apartment is currently being rented out. I figured out how to add him to the rental income easily enough, I just don't know how to declare the 'capital gains' on adding him to the title, or if I am supposed to? Please help!
According to the Canada Revenue Agency (CRA), A Capital Gain/Loss can only occur when something has been bought and then sold. Since you are renting out the apartment, you probably still own it and haven't sold so you don't need to declare any capital gain. However, you need to report your rental income (Minus Expenses) as a 99% owner on your return, and your spouse would report their rental income (Minus Expenses) as a 1% owner along with their portion of the payments/earnings.
For Capital Gains information, check out: Canada Revenue Agency (CRA) - Capital Gains
As well as: Canada Revenue Agency - Reporting Rental Income
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@Antomeister Thank you!! I was thinking this after diving into the CRA site after asking my question, but I wasn't 100% sure. Thanks again!!