Capital gains questions
I bought a condo under construction and it'll be finished in Feb-ish.
At the time I was hoping to put my mom in there. She may not want it now, but is still currently renting. I was going to rent it out in that circumstance, but I'm unsure now.
If she goes on title, can we sell it as her residence and pay no tax? Or does she actually have to live in it?
If we do have to pay capital gains, who declares the gain? Is it split betwen my wife and I or can we designate it hers alone (at a lower tax bracket)?
I'll check with my accountant of course, but I'm curious if anyone here has had a similar experience to share.
(I'm aware that CRA may deem this income, not a capital gain depending on how they interpret my intent)
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