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Today: 20.01.2018 - 03:24:58
   Canada Mortgage Hub Discussion Board -> Mortgage Vancouver -> Is a gifted house considered as income,and will it affect OAS/GIS in Canada?
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nmpmichael

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Is a gifted house considered as income,and will it affect OAS/GIS in Canada?
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nobuhiro-tni

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I"m assuming title on the property is going to the parents. In that case its a gift. If you're keeping the property what you do with it is your decision and not taxable.However some government subsidy programs might have restrictions on net worth and not pay (as much) to your parents.
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playdirt

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A gift is not taxable to the recipient. Therefore, the parent will not pay income tax on the apartment. As for the OAS and the GIS, these are programs which are income-tested, not networth-tested. Therefore, since the apartment will not create extra income for the parents, their OAS and GIS benefits will not be affected.Information on the OAS and GIS program can be found here:_http://www.hrsdc.gc.ca/en/isp/oas/oastoc
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