Real Estate Property Transfer
My Dad is willing to transfer his PR house to my name (100%). Its been my PR and remain for following years (I’ve been paying all bill and renovations in the past 10 years). He’s going to be travelling back and forward to his homeland and stay there when in Canada. Is there any Capital Gains required to be paid? Any other issues i may encounter in future years?
House price +/- 700,000, bought 27 years ago for 250,000.
I kindly appreciate your attention.