A daughter is a first home buyer

Tax Topics
1

Hello team,

I have a case T1 - a daughter is a First Home Buyer - she sold her first house in 2022, but the house is under her mom and her name. Does anyone meet a similarity case, please instruct what is a solution for a daughter and a mom in personal tax return 2022? Thank you for your input

2

The sale needs to be reported on both the mom and daughter’s tax returns. There is no special treatment for first home buyers in year of sale, only year of purchase.

3

Thank you for replying, may you input me one more thing
The buyers only deposited the money into a daughter personal bank account . is that an issue?

Much appreciated for your input .

4

my mistaken thinking word, this is not a First Home Buyers.
This is my first experience dealing with this situation, may you give me some hints or input
This is a selling Principal Residential Property. A daughter and her mom together purchased a house in 2016, now they sold it. This is a daughter a principal property, but her mom has a few house. They both lived at the same house, now a daughter would like to move out and purchase a other new home.
How can I deal with this situation.
Your input and instruction is much appreciated

Thank you for your input .

5

Sorry for the two previous paragraphs or questions
Again, as far as I know she sale of personal property generally does not need to be reported on an individual’s tax return unless the property was sold for more than its original purchase price. In this case, the gain on the sale of the property may be subject to capital gains tax. Please input if I am misunderstood

However, if the property being sold is the principal residence of either the mother or daughter, there may be special treatment for the sale. Under Canadian tax laws, the sale of a principal residence is generally exempt from capital gains tax. However, there are certain criteria that must be met in order to qualify for this exemption, including:

The property must have been designated as the principal residence for every year that it was owned by the seller.

The seller must be a Canadian resident for tax purposes.

The property must not have been used to earn income during the time it was owned by the seller.
-My question is the total selling price was transferred directly to a daughter account, is that fine ?

  • It is fair enough to divide all legal expenses into two sides ?
    Much appreciated team for sharing your experience an input
6

This is not true. All property sales must be reported. This folio is pretty comphrehensive. Income Tax Folio S1-F3-C2, Principal Residence - Canada.ca