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Is it true that if a person such as a child is named a joint owner on a property such as a cottage, then capital gains tax does not have to be paid when the other owner dies?

Doubtful. Often the capital gains tax has to be paid, and the estate of the deceased would be liable to pay it. In some cases, the principal residence exemption from capital gains tax may be available to partially or completely eliminate any tax.

Brantford Office

20 Wellington St., P.O. Box 1510
Brantford, ON N3T 5V6
t 519.759.6220
f 519.759.8360
law@waterousholden.com

Paris Office

7 William St.
Paris, ON N3L 1K6
t 519.442.5571
f 519.442.5567

Proudly Serving our community for over 90 years

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