Adding your adult child as a joint owner to your property could have unintended tax and legal consequences
As a member of a blended family you need to pay careful attention to how your estate is structured to avoid inadvertently disinheriting your children.
Explore how recent changes to amended tax on split income (TOSI) rules apply to and have affected personal rates of tax, pension splitting, taxable capital gains, property and more.
Time in the market, not timing the market, is what builds wealth
As a business owner, having a well thought out tax and estate plan is key for financial success.
For many families, it is much more important to preserve the family cottage than any other asset. Those who want to leave the cottage to their children must plan for the tax consequences and disputes which may arise upon their death. The concepts here apply to any vacation property, including a ski chalet or condo.
When an estate or gift is left to a child, it can be subject to a family property claim if the child later separates or divorces. But, there are ways to protect the inheritance, ensuring your child remains the sole beneficiary.