House ownership transfer- tax implication

[Spellbound005]

What is the tax implication of a parent transfering the owenership of their house to a child? TY

[fl4wless]

They could gift the home, but if its not their primary residence, i believe they would have to pay tax on the capital gains based on fair market value. Someone correct me if im wrong.

[JWL]

Might have to pay land transfer tax too.

[pigeonhole]

Is their any sort of exemption or rebate available for the land transfer tax, if the property is gifted? (specifically in NS).

Their is one available in BC "see link below"

http://www.sbr.gov.bc.ca/individuals/property_taxes/Property_Transfer_Tax/first_Time_home_buyer.htm