TAX QUESTIONS? YOU ASK LAH!

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Q: Mr Lee wants to transfer his real property to his child. Is there any difference between transferring the property to his child directly and transferring to a trust? Is stamp duty required to be paid?

A: Yes, if Mr Lee transfers his real property directly to his child, it is subject to stamp duty, but there will be a 50% exemption. If he transfers it to a trust, it will be subject to stamp duty with no exemption.

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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