Canadian Tax advice on financing issue...
Hey BP, coming across a little problem while trying to obtain access to some financing, A family member of mine is requesting a Home equity line of credit under their primary residence which is completely free and clear, I will be supporting the request with my income, the financial institution is requesting to have myself registered on the title of the property as part of the file, my question is; would adding me onto the primary residence for the line of credit trigger a capital gains for me as well as a welcome tax? If so, how can I be added onto the title of a property while also minimizing any tax or capital gains...
Any help with this question that would be greatly appreciated. Thanks in advance guys!