IF I WIN THE HOUSE, DO I HAVE TO LIVE IN IT OR CAN I SELL IT?
Once a home is awarded to a winner and the title is transferred, they do not have to move in. Any prize can be sold if the winner wishes to do so.
IF I WIN THE HOUSE, WHAT DO I HAVE TO PAY FOR?
Absolutely nothing! As a Kinsmen Home Lottery showhome winner, you are awarded your new home free and clear of any encumbrances. After you take title of your new home, you would be responsible for the usual costs associated with home ownership.
IF I WIN THE HOUSE, DO I GET TO KEEP THE FURNISHINGS?
Yes. The showhome will be awarded fully furnished, professionally decorated and landscaped.
IF I SELL THE HOUSE (OR ANY OTHER PRIZE), DO I HAVE TO PAY TAX ON THE SALE AMOUNT?
No. Lottery winnings are not taxable in Canada (including any cash prizes).
IS THERE CAPITAL GAINS TAX ON THE HOUSE IF I SELL IT?
Winning a house is a lottery prize, not a capital gain. Lottery winnings are not taxable in Canada. Please seek professional counsel for further information.
