Questions tagged [gifting house]

SakuraDance Fri Mar 29 2024 | 6 answers 1137

I'm a Canadian citizen and I'm considering gifting a house to my son. I've heard that there might be some tax implications involved, but I'm not entirely sure how it works. Can I gift a house to my son without having to pay any taxes in Canada? If so, are there any specific requirements or conditions that I need to meet? I'd appreciate it if you could provide me with some detailed information about the tax implications of gifting a house in Canada. Thank you!