Beneficial ownership extends to real property

 

A taxpayer has learned that no capital gains event would occur on the transfer of real property from themselves to a family member.

The recent private binding ruling highlights that a beneficial interest doesn't solely relate to shares in a company or beneficiaries of trusts.

In this instance, a "trust" was created when a taxpayer purchased a property for a family member until such time that they could obtain finance. The family member lived in the property as their main residence.

Source: PBR 1051222388031