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:
Looking to buy that vacation home? Where will you get the extra cash? The principal residence exemption may help you; when you sell a home that qualifies as a “principal residence” – a significant amount of savings you can garner in tax savings.
Investing on a consistent basis is important. If you’re going to achieve your retirement and other financial goals, you should consistently contribute to your RRSPs, TFSAs and non-registered investments. “Paying yourself first” through monthly contributions is an excellent strategy to build an investment portfolio.
