Gallagher Inglis Logo

Specializing exclusively in:

REAL ESTATE – purchases, sales, mortgages, transfers, severance deeds

ESTATES – Wills, Powers of Attorney, Administering Estates

CORPORATE – Incorporation, Maintaining Minute Books, Amendments, Amalgamations, Share Purchases, Asset Purchases

Our professional, courteous staff are ready to assist you!

GIFTING YOUR PROPERTY

Gifting, or transferring your property for $1.00, between non-arm’s length parties (e.g. parent to child) could have tax consequences that you need to take into account. Such a transfer could result in the CRA determining that you have disposed of the property at fair market value (and not $1.00) and the other party acquiring the property at a cost base of $1.00. This could potentially mean that you would pay capital gains on the full value of the property on selling and the other party would, when they sold, pay capital gains on the full value of the property as well. It is always recommended that you speak with your accountant before arranging for such a transfer so that you are advised well in advance of any tax consequences that may be applicable in your situation. At this time, you do not pay capital gains on the sale of your principal residence, however, there has been some discussion that this may be a possibility in the future.

DUE TO THE COVID VIRUS PANDEMIC

In the interest of keeping our staff and clients safe and healthy, our office door is now locked and meetings are by appointment only. If you need to speak to us please call us at 613-432-8537 or email us at info@gallagheringlis.ca.

ANNOUNCEMENT

Gallagher & Inglis Professional Corporation is pleased to announce that Bruce Leach has joined our law office! We welcome Bruce and look forward to having him on our team. Bruce has been practicing law in the Pembroke/Cobden area for 40 plus years and brings with him a wealth of knowledge and experience.

Contact Us

Office Hours – Monday – Friday
8:30 a.m. to 12:00 p.m. & 1:00 p.m. to 4:00 p.m.
Closed weekends and holidays

Office Address
33 Renfrew Avenue East
Renfrew, Ontario K7V 2W6

Telephone: 613-432-8537
Fax: 613-432-8538
Email: info@gallagheringlis.ca

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Gallagher & Inglis Professional Corporation

© 2018 Gallagher & Inglis Professional Corporation, All Rights Reserved.

33 Renfrew Avenue East, Renfrew, Ontario K7V 2W6 Canada
Tel: 613-432-8537 - Fax: 613-432-8538 - info@gallagheringlis.ca



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