All About Estates

Tag: Joint Tenancy

Total 8 Posts

Taking Back Control of Real Property

It is important to consider estate planning objectives when entering into real estate transactions. For example, a client may intend to retain control of real property in that they intend to be able to dispose of it on death. However, if the relevant estate planning objectives are not identified and…

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Joint tenancy: a cost-effective or costly measure to save on probate fees?

This blog has been written by Mohena Singh, Associate at Fasken LLP As an estate planner, one of the most common questions I am asked is, “How do I transfer my house or cottage to my family without paying estate administration tax?” A common way we have seen individuals attempt…

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Can You Sever Joint Tenancy After Death?

Joint tenancy has a lot in common with the TV show Survivor: the goal is to outlast your fellow castaways to win the prize – full ownership of the property. To escape this game show mentality, owners may sever the joint tenancy.

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Should we put our kids on title? Simplifying a common question

This Blog was written by: Gali Gelbart, Estate and Trust Consultant, Scotia Wealth Management  One of the most common questions I get asked by clients is if they should add one or more of their children on title to their home or other real estate holdings. A lot of people…

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Life Insurance Joint Tenants[1]

I think it is fair to say that joint ownership of property[2] is one of the most commonly used strategies for property ownership in the context of developing an estate plan.  Like any form of partnership, there are many issues to consider in jointly owning property.  In the context of…

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Tenants in Common – A Difficult Sell

You can sever your interest, but not your relationship, with a joint owner of property.

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Joint Tenancy Tax Issues

Last week my colleague, Laura West, spoke about some of the non-tax pitfalls that can arise when transferring property into joint tenancy with a family member. This week I’m here to follow-up with a discussion of the tax implications that should be considered before changing ownership of property to joint tenancy.

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Probate Tax Planning – Joint Tenancy May Not Always Be the Best Option

In Ontario, property that a deceased owns as a joint tenant with another person does not form part of his estate for probate tax calculation purposes. As a result, significant attention is now being paid to the use of joint ownership as an estate planning technique to reduce or avoid probate taxes for both real and personal property. However, when property is transferred into joint ownership there are many issues that should be considered other than the potential probate tax savings.

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