Capital gains taxes in BC on property inherited

[OttoBlotto]

Hi there,

Tough time finding a place that may be able to offer insight, hopefully someone can help!

My wife's mom added my wife to the title of 2 properties back in 2003 and they were split 50/50 ownership. My wife's mom passed away in 2018, and the properties transferred to my wife completely. We have some freed up $ now and we are wondering about capital gains.

We fired our first accountant for our company for sheer incompetence, our 2nd one seems ok and did all our business stuff for the last 2 years.

After going through a bunch of calculations on the two properties, he says we owe the CRA $107,xxx.xx

Because of many screw ups in the past (not with him that we are aware), we had my wife's families accountant review.

She reviewed and talked to a couple other accountants and tells us that until there is a recognized profit/sale, there are no capital gains needing to be paid at this time. If we chose to sell, and one was not our primary residence for a period, the capital gains would then have to be paid.

Any ideas on which is correct?

$107,xxx difference so kind of a big deal!

Thanks

[nelsona]

This is a cross-border tax forum. there are plenty of sites which deal with Cdn tax issues. Try there.