CNTower
2024-3-21 06:37:26
You don't pay any tax immediately. However, you will be taxed when you sell it.
You have to determine the Adjusted Cost Base when you dispose it in order to calculate the gain or loss. I suggest you seek professional advice before you do these type of transaction. You have to report any rental income/loss and expenses on your T1 and the value of the house on T1135 each year until you dispose it.