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Don t forget the tax collector s de nition of a family unit for purposes of the principal residence exemption: you, your spouse or common-law partner, and any unmarried kids under 18 This means that any children who have reached 18, or are married, will be entitled to their own exemptions This can be great news for the family! Consider transferring the ownership of a cottage or other property to a child who is eligible for his or her own exemption This way, the property can be sold at some point in the future, and any gains after the date of transfer can be sheltered by your child s principal residence exemption Of course, there could be some unwanted side effects here First, when you give the property to your adult child, you will be deemed to have sold it at its fair market value at that time The result You could end up paying some tax on the gains to date if the property is worth more than your adjusted cost base This might not be so bad if the gain is small and if you expect the tax savings down the road to be that much greater when your child sells the property Further, you may be able to use
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your principal residence exemption here to shelter the gain on the transfer from tax Second, keep in mind that when you give your property away to your adult child, the property then legally belongs to your child The question is, can you trust your child to do with the property as you wish Maybe But if you re not comfortable with the idea of handing ownership over, you should consider the use of a family trust (See Tip 11) The trust will allow you to maintain control over the property while still effectively passing it to your child for purposes of multiplying the principal residence exemption In any event, it s going to be important to do things right, so be sure to visit a tax professional before taking your rst step to transfer ownership
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Many Canadians make the mistake of assuming that, just because they are able to sell a principal residence without paying tax on the capital gains, they should pour more and more money into that residence with the intention of enjoying tax-free returns Folks, think of your home as an investment If too much of your money is tied up in your home, are you well diversi ed Maybe not Let s face it, while real estate can provide decent returns
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Every family is entitled, for 1982 and later years, to one principal residence exemption to shelter from tax the pro ts on the sale of a home A child who is 18 years or older in the year, or who is married, is entitled to his or her own principal residence exemption Ownership of a second property can be transferred to multiply the available exemptions, but professional tax advice is going to be important here!
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on investment, it can also provide big losses too There may be better places to invest your hard-earned
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Tim s Tip 15: Plan the family s move carefully to maximize tax bene ts
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If you re going to pack up your bags and move, you might as well do it properly from a tax point of view
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1 0 1 Ta x S e c r e t s F o r C a n a d i a n s
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Why Are You Moving and How Far
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The rules dealing with moving expenses are pretty clear They say that you re entitled to deduct costs for making a move to start a business, begin working at a new location, or go to school To boot, you re only entitled to claim expenses when your new residence is at least 40 kilometres closer to your new work location or school than your old residence By the way, that s 40 kilometres taking the shortest normal route of travel not as the crow ies, which used to be the test Most importantly, you re only entitled to deduct costs up to the amount of income you ve earned in the new location Not to worry, if you can t claim all your moving costs in the year of your move because your income from the new location is too low, you ll be able to carry those expenses forward to claim them in the next year, subject to the same restrictions The types of expenses you can deduct include: travelling costs, including meals and lodging moving and storage costs for your household effects lease cancellation costs selling costs for your old home, including real estate commissions legal costs on a new home purchase land transfer tax payable on the new home, if you ve sold your old one costs of maintaining a vacant former residence (including mortgage interest and property taxes to a maximum of $5,000) cost of revising legal documents to re ect your new address, replacing driver s licences, auto permits, and utility connections and disconnections Want to maximize your claim Here s my advice: Plan your move so that it coincides with a new work or school location, and make sure you meet the 40-kilometre test If you re a student, don t forget that research grants qualify as income in your new location, provided the amounts are taxable Scholarships, fellowships, and bursaries are no longer taxable (for 2006 and later years), so you won t be able to claim moving expenses if these are your only sources of income
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