Is removing my name from ownership of principal residence considered a sale? I was joint ownership with my sibling and parent. I merely had my named removed from owner.

I went from 25% ownership to 0% ownership of the home. No monetary transaction occurred. Just myself changing ownership of my primary residence. Is this considered a sale?

1210

Moderator

Oct 30, 2019 8:26:01 PM

This might be considered a “Deemed Disposition”. You didn’t actually sell anything, but you no longer own property that you used to own – and someone else now owns it.

You should check with the CRA to be sure: https://turbotax.community.intuit.ca/replies/2647704

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Is removing my name from ownership of principal residence considered a sale? I was joint ownership with my sibling and parent. I merely had my named removed from owner.