Quote:
Originally Posted by Bend it like Bourgeois
My wife and I can split it, or must split it?
If the whole gain can go in her tax bracket, woohoo!
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How much money did you each put in?
I know that can be tough to figure out, but look at it from the CRA point of view - if you are pulling in 80K a year, your wife is pulling in 20K, if you try to claim that she was buying the condo so she claims all the gain, they are going to call BS.
Get as close as you honestly can to each of your contributions and then even if it is questioned you will have honest
verifiable answers.
In my time speaking with people at CRA, most are like everyone else except that they have a job where they see lots of people trying to cheat. If you do everything above board with them then the only ones who will give you trouble are the a-holes (and there are a-holes in every profession)