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Thursday, D ecem ber 31, 2015 - The IFP - H alton H ills - w w w .theifp.ca Page 17 I would like to gift my property to my children. Do I have to pay land transfer tax? ASK THE PROFESSIONAL If you decided to transfer your house into the name of your son or daughter as a gift, receiving no money in return, then you might not have to pay any land transfer tax. If the amount of money being paid is zero, then the land transfer tax on that amount would be zero. If, however, you have an existing mortgage on that property and part of the deal is that your children would assume that mortgage, or get their own mortgage to pay off yours, then your son or daughter would have to pay land transfer tax based on the amount owing on your mortgage. Land transfer tax is payable on the total consideration that was given for the property, and transferring a mortgage liability qualifies as consideration. So if you are in the giving spirit, be sure to pay off your mortgage if you can, or be prepared to pay some land transfer tax. Merry Christmas! 33 Main Street South Acton, ON L7J 1X3 Tel: 519-853-1330 Fax: 519-853-4645 Email: macchap@on.aibn.com Mark Hilliard Mackenzie & Chapman Barristers and Solicitors The advice offered in this column is intended for informational purposes only. Use of this column is not intended to replace or substitute any professional, financial, medical, legal, or other professional advice. We work for you. legal matters Q A REAL ESTATE LAW Dr. Keith DaSilva Specialized dentistry for infants, children, teenagers and all patients with special needs New Patients Welcome! 13219 15 Sideroad, Georgetown 905-877-0900 Fax 905-877-0500 No referral necessary. 222 Mountainview Rd. N., Georgetown This 82 Suite Retirement Residence offers planned social activities, home-cooked meals served in our lovely dining room, housekeeping and laundry services, nursing staff on site providing healthcare and assistance to enable residents to enjoy a more carefree lifestyle on our 5.6 acre beautifully landscaped site! We offer a variety of private suites for couples and singles. Thank you Halton Hills! #1 Retirement Home Mountainview Terrace owned & operated by the Summer family 60 apartment style suites for cognitive self-sufficient seniors. Mountainview Residence For more information or to enjoy a personal tour - simply call 905-877-1800. www.mountainviewresidence.com COMMUNITY Cancer Assistance Services Halton Hills was the beneficiary again this year of the proceeds from the Cowboy Cup Golf Tour- nament held at the Acton Meadows course in July. Forty-six golfers took part in the sixth- annual event, raising $3,300, which includ- ed a barbecue afterwards at the home of the organizers, Rick & Sally Stull. Cowboy Cup raises $3,300 for CAShh Sheila Smith (far right), executive director of Cancer Assistance Services Halton Hills, accepts a cheque worth $3,300 from Rick (centre) and Sally (second from right) Stull, who for the past six years have organized the Cowboy Cup char- ity golf tournament in Acton. At left is CAShh driver Paul Burroughs and board member Merry Little. Photo by Eamonn Maher