Episode 67: Adding an Adult Child as a Joint Owner

Are you thinking of adding your adult child as a joint owner to any of your properties? 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:

• Joint tenancy, sometimes also referred to as joint tenancy with a rightof survivorship, whereby each owner has an equal and identical interest to each other owner.
• When one of the owners dies, his or her interest is transferred by an automatic right of survivorship to the surviving joint owners.
• Tenancy in common, whereby the interests of each owner do not need to be identical. When one of the owners dies, his or her interest is transferred to his or her estate, from which it is distributed in accordance with his or her will. If there is no will, then it is distributed in accordance with the intestate succession laws of the deceased owner province or territory.

This podcast only addresses the joint tenancy form of ownership.

Book your FREE Retirement Planning Consultation and check out our master class on Retirement Planning for an in-depth look into our planning process here: https://value.schillerandassociates.com/retirement

Prefer to watch videos to get great information? Check out our YouTube Page.

Comment below with any questions or topics you'd like us to cover! And don't forget to subscribe for the latest updates.

Thanks for tuning in to Your Canadian Retirement Specialist!

Connect with Regan:

Facebook: https://www.facebook.com/yourcanadianretirementspecialist

LinkedIn: https://www.linkedin.com/in/schillerandassociates

Website: https://schillerandassociates.com/

Regan Schiller holds his Certified Financial Planner, Registered Retirement Consultant and Certified Life Underwriter designations. He is an Executive Financial Consultant licensed under Investors Group Securities Inc.Mutual funds and investment products and services are offered through Investors Group Financial Services Inc. (in Québec, a Financial Services firm). Additional investment products and brokerage services are offered through Investors Group Securities Inc. (in Québec, a firm in Financial Planning). Investors Group Securities Inc. is a member of the Canadian Investor Protection Fund. Commissions, fees and expenses may be associated with mutual fund investments. Read the prospectus before investing. Mutual funds are not guaranteed, values change frequently, and past performance may not be repeated.

LIRA regulations vary provincially. For more information on LIRA in your area, please refer to your provincial government's website. Additional information on the Canada Pension Plan and Old Age Security can be found at:

www.canada.ca/en/services/benefits/publicpensions.html.

Music courtesy of LesFM: https://lesfm.net.