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My parents bought a property in 2007 while they weren’t a Canadian resident. I had to put my name on the title for mortgage purposes. In 2012, they became Canadian residents and lived in their property. I came off the title in 2015 and a couple years after they asked me to be added to the title again with the thought that if anything happens to them, the property will be mine. Since 2018 my name was added to the title again. This property is their principle resident and 3 names are on the title (my parents and I, 1/3 of a share for each each). If they sell their property this year, with the gain of $500,000, do I have to pay any capital gain?
Yes, you may have to pay capital gains tax, as your name is on the deed. To avoid capital gains tax, you would need to prove that you are not the beneficial owner and have no financial interest in the property. This is usually accomplished by way of a Bare Trust.