My parents want to give me one residential house as a gift. My parents bought that house in 1989. If I transfer that property to my name and keep for some time or sell immediately then how CRA calculate capital gain. Let’s say bought by parents in $5000 in year 1989. Now its actual value is $200,000. If my parents is ready to transfer that property to my name as a gift (in 2018) and after transferring I’ll sell that property immediately then How CRA will consider capital gain as per 2018 transfer value or purchase price in year 1989. I’ll take-care back home long-term gain but not clear about Canadian Tax system. Pls. Guide me. Thanks in advance.
SOCIAL CONNECT