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Updated · The Globe and Mail · Apr 21Passing Property to Children: Canadians Urged to Weigh Tax and Legal Implications
7 articles · Updated · The Globe and Mail · Apr 21
- Canadians planning to pass property to adult children face complex tax, legal, and family considerations, experts warn.
- Only half of Canadians have a will, and misunderstandings about probate and capital gains taxes can lead to costly mistakes.
- Strategies like joint ownership or trusts may help, but each carries risks and administrative burdens that require careful planning.
How can a US vacation home create a massive tax bill for Canadian heirs? What are the hidden tax traps when inheriting a family home? Are expensive trusts the only way to protect property for your children? Is passing down homes worsening the wealth gap for those without property? Can inheriting a house with siblings tear your family apart? Is it smarter to gift your home now or leave it in your will?