Plan for your end of the year taxes

Please note: This article does not pertain to residents of Québec.

Are you thinking of adding your adult child as a joint owner to any of your property? If so, you should be familiar with the legal and tax consequences of joint ownership.

Joint tenancy vs. tenancy in common

The common law, which applies in all Canadian provinces except Québec, recognizes the following two forms of joint ownership:

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Please note: This article is not applicable in Quebec.

Do you have a Registered Retirement Savings Plans (RRSP) or a Registered

Retirement Income Funds (RRIF)? Designating a beneficiary to your RRSP or RRIF is often presented as sound financial planning, since doing so can avoid probate and probate fees. However, a direct beneficiary designation can result in some negative consequences such as inequitable treatment of heirs, unintended elimination of heirs and unexpected tax consequences to the designated beneficiary.

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