QUESTION: Hi,
I would like to know, if the family home is willed to the spouse.
Is this home then subject to inheritance tax or does the home
have to be registered as joined owners in order to avoid paying
tax?
Thanks,
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david ingram replies:
There are no inheritance between spouses in Canada on anything.
However, I notice from your email address that you live in Delta
or the Sunshine Coast and there are probate fees in BC.
If the house is in Joint Tenancy, it does not form part of the
estate and therefore there are no probate fees. At the moment,
the fees are:
Nothing for an estate up to $10,000
$208.00 even for an estate from $10,000 to $25,000
$6 per thousand from $25,000 to $50,000 and
$14 per thousand over $50,000
As you can see, having a house in joint tenancy with right of
survivorship can save you at least $8,708.00 in probate fees if a
$550,000 house was only in your husband's name when he passed
away.
You would likely get benefit form one of Fred Snyder's Free
Investment seminars. They are tied in with the Sunday morning
radio show as follows:
------------------------------------------
Answers to this and other similar questions can be obtained free
on Air every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, I, david ingram am
a permanent guest on Fred Snyder of Dundee Wealth Managers' LIVE
talk show called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the
internet at
www.600AM.com
Call (604) 280-0600 to have your question answered. BC listeners
can also call 1-866-778-0600.
Callers to the show and questioners on this board can also attend
the Thursday Night seminars on finance and making your Canadian
Mortgage Interest deductible.
Every Thursday Evening, Fred Snyder of Dundee Wealth Management
conducts one of 17 different financial seminars at his office
Time: 7:00 to 9:30 PM
Date: Every Thursday evening
Place 1764 West Seventh
Vancouver (corner of Burrard)
Phone (604) 731-8900 to register
No cost - no obligation
Topics usually cover mortgage interest as a deduction presented
by David Ingram
other topics - getting the mortgage, estate planning, critical
care insurance, income taxation, differences between stocks and
bonds, and usually the most innovative HELOC mortgage offered in
Canada from Manulife Bank
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