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Commonly Asked Questions about Individual to Couple Property Transfer

The full $500,000 capital gain would be exempted from tax under the principal residence exemption. Since they had no taxable capital gains in the current and prior three tax years, the $75,000 net capital losses can be applied without adjustment to offset pension income from 2025 and 2026 (i.e., $37,500 in each year).
Answer: You Have to Live in a house for at least one year to avoid the capitol gains tax in Canada and qualify for the primary residence exemption from capital gains tax.
Property may be transferred to a former spouse at the adjusted cost base if the transfer is in settlement of marital property rights. The former spouses may elect that the transfer be at Fair Market Value, which would trigger capital gains/losses.
That means that the donor and the donee are considered to have made a transaction at the propertys fair market value, even though no money was exchanged. This will immediately impact your taxes (capital gains tax and depreciation recapture), even though youre gifting the property during your lifetime.
Claim the principal residence exemption A home that has served as your principal residence is exempt from capital gains tax, as long as it meets the following criteria: You own the home either alone or jointly with another person. You designate the property as your principal residence with the CRA.
This is because when assets that are transferred from one spouse (the transferor) to another (the transferee) are not transferred at fair market value (FMV), the capital gains/ losses and future income are attributed back to the transferor.
In Canada, it isnt advisable to transfer ownership of real estate to family members for anything other than the fair market value. However, an alternative would be to give the person cash they can then use to purchase the property at the fair market value.