Gifting a home

[jdmakkord]

I'm not even sure where to start with this, I'm hoping someone here has gone through this before. My inlaws are quite old, and are planning on downsizing to a small condo in a gated community. They have always wanted to give us their house, but I don't want to leave them high and dry. I've offered to buy the home for the cost of their condo, but I can't find a definite answer on how to proceed. Is their any tax implications for either them or us? This is their current primary home, and we don't currently own one (staying with my rents). Is a homeowner allowed to sell their house at a deep discount? Like 50% of the assessed value?

[harv91]

Im not positive, but i can refer you to call 1-800-959-8281 and they can confirm for you (CRA #)

[Xtrema]

If the home is their primary home and it will be your primary home, I don't see an issue.

Taxes on house is all about non-primary homes and capital gain.

[lint]

it doesn't have to be your primary home, only theirs. no tax implications. if it wasn't your primary, you would owe taxes on any appreciation when you sell, as the value of the home on transfer would be considered a gift, and no taxes on gifts either