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My wife and I co-own a condo in Toronto with our daughter. Can we change the % shares each of us owns without incurring land transfer tax? For example from 1/1/98% to 49/49/2% to allow us to give money to our daughter in return for equity. The condo is now rented.
I don't do real estate work, so I don't know the answer to this. Either a real estate lawyer or an accountant would be able to help you.Lynne