What happens to real estate you hold in joint tenancy when you pass away?
The usual structure of a property held in joint tenancy is that the owners have a right of survivorship upon the death of one of them. A lot of people think that if they choose to have their home owned in joint tenancy with another person, the property by-basses their will and therefore, the estate […]
What happens to real estate held only in your name when you pass away?
Whenever clients ask me about this topic, the fast and short answer I always give is that it depends. But one universal truth applies for everybody: the more taxes your estate will have to pay, the less money will be available to your beneficiaries on your passing. The Income Tax Act (“ITA”) stipulates that death triggers […]