Is My Investment Condo Tax Free if My Son Lives in It?

Consumer question #2 from the May session of our popular consumer Q/A segment, ‘The Situation’!
Urmi once again asks John to respond to the detailed questions you send in about the real estate decisions you are making as you navigate through the Toronto area housing market.
Watch Question #1: Why is My Pre-Con Condo Worth Less Than What I Paid For It?
Watch Question #3: Should I Sell My Investment Condo Before the Capital Gains Tax Increases?
If you would like to send in your questions to be featured on a future episode, please email [e-mail]
If you have a more specific or particular real estate situation to discuss with John and his team at Realosophy Realty, connect with John at movesmartly.com/meetjohn
Connect with Us
John Pasalis, President and Broker, Realosophy Realty, Toronto | Email: [e-mail] | Twitter: @JohnPasalis
Urmi Desai, Editor, Move Smartly | Email: [e-mail] | X-Twitter: @MoveSmartly
About This Show
The Move Smartly show is co-hosted by Urmi Desai, Editor of Move Smartly, and John Pasalis, President and Broker of Realosophy Realty. MoveSmartly.com and its media channels on TH-cam and various podcast platforms are powered by Realosophy Realty in Toronto, Canada.
You can listen to the Move Smartly show on your favourite podcast platform using this link (new episodes drop Tuesdays): link.chtbl.com/movesmartly
If you enjoy our show and find it useful, please like, subscribe, share, review and comment on whatever platform you are watching or listening to us from - we appreciate your audience and support!

[@kellyhou9594]

I think the woman needs to take a pick: 1. Principle residence for the son. Put it into son’s name. However, not recommend since your son may do whatever with the property once you transfer the ownership.
2. Claim it as an investment property, you can use it to make some deduction from your income. Occupancy cost, electric cost, maintenance cost, and etc.
You need to be very careful because there is GST rebate from the builder when you purchased precon, CRA will definitely check if it is self use or investment. (Son is family, so it is okay)

[@stephenfermoyle4578]

honestly ? people consult with Accountants and Lawyers / proper channels before investing properly.