canada property

jalways747 · Post by **jalways747** » Tue Feb 28, 2012 3:39 pm

my wife currently owns property in her name, if we then tittle is joint ? would there be any tax issues

JGCA · Post by **JGCA** » Tue Feb 28, 2012 4:01 pm

Rev Canada does not necessary care whos name the title is in, they want like the IRS to know who put up the money. Also not that even though teh property is located in Honduras you said it was vacation property if you ordinarily lived their during the years of ownership and you have no other home to designate in those years as a principal residence you can eliminate or at least significantly reduce the cap gain by electing this property as a princile residence eventhough its outside of Canada.

You must however limit yourself to designating only one specific property per couple per year.

JGCA · Post by **JGCA** » Tue Feb 28, 2012 4:03 pm

MIxed up the thread this answer was to Rich about his Honduras property sorry.