we owned small condo in Canada as principal residents for years and we moved to us for numbers of years. we rent out the condo and pay non resident tax in Canada every year. now my kid ( born in Canada but only have GR in here ) decide to choice go back to Canada to study college.
I am thinking to let him just stay in this condo. What consequence I will have if
1) I add his name as co-owner for the condo ? do I have to pay tax for this transfer ?
Can this condo become his principal resident in Canada
2) what happen if I " gift" this to him, do I have to pay tax when I am still in USA
3) if it is better that I moved back Canada as resident for one year, then, I gift this to him ? can I pay less tax ?
4) if I give this condo to him as principal resident, then, after few years when he graduate from college, he sold this condo, does he have to pay tax ?
or you have a better idea ?
thank you
non resident parents transfer a condo name to resident kid
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