Quote:
Originally Posted by Sundancefisher
How did you arrange title ownership? Joint Ownership or are you a tenant in common?
If joint ownership… when you die the house automatically becomes your kids. Won’t be part of an estate. May have issues in the event your kid divorces as it isn’t inheritance. Also any other kids can’t share in your portion legally.
I would err on the side of caution in an CRA question and just call them up. AOF members sleep occasionally at Holiday Inn Expresses… but we still aren’t the experts.
To my read on this… if a joint owner… it’s not a trust. If you own a home or a partial share and have full control over the home for your child… that would more likely be a trust… especially if funds are controlled by yourself.
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Thanks, that's the way I read it as well. I will make some calls tomorrow. We just completed our will updates so will reach out to them and CRA.
