Cryptocurrency Q&A
Can I sell my house to my son for $1 dollar in Canada?
Can I sell my house to my son for $1 dollar in Canada?
BusanBeautyBlooming
Fri Mar 29 2024
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7 answers
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I have a house in Canada, and I'm considering selling it to my son for just one dollar. Is this legal? I understand that the market value of the house is much higher than this, but I'm doing it for sentimental reasons. Will there be any tax implications or legal issues if we proceed with this transaction? Also, should we have a lawyer draw up a contract for this? I appreciate your help in clarifying this matter for me.
7 answers
Davide
Sun Mar 31 2024
Its sole focus is on whether money has changed hands.
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CryptoLegend
Sun Mar 31 2024
An alternative approach is to designate the individual as a joint tenant.
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CryptoTamer
Sun Mar 31 2024
This designation implies a 50% ownership stake for them, but both parties retain the right to reside in the property.
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CryptoWizardry
Sun Mar 31 2024
In Canada, it is indeed permissible to sell your house to your son for the nominal amount of $1.
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Caterina
Sun Mar 31 2024
The law in question does not delve into the matter of whether a transaction is financially worthwhile.
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