We hear a lot these days about inherited cottages and their tax implications. Attached is an article from the Globe and Mail's Tim Cestnick that will help clarify this issue. Click here to read it.
I am wrestling with the decision on how to leave Ontario property to my two children. I am a US citizen but co-own 117 acres with 3 sisters and a cousin. Two sisters have decided to opt out, one sister is willing her "share" to her son, and my cousin is adding her 2 sons to the title. I see you typically recommend using the will as the least problematic vehicle to pass on a property. I feel overwhelmed by all I'm reading re that process, especially since I live out of the country. If I were to say I am 99% confident that neither of my children would ever divorce, would adding them to the title be okay? If I were to die first, what would be the process they would have to go through? If one of them were to die first, then what would be the process? I'm trying to weigh all this out but feel I can't get a grip here. Thanks for any help.
I am wrestling with the decision on how to leave Ontario property to my two children. I am a US citizen but co-own 117 acres with 3 sisters and a cousin. Two sisters have decided to opt out, one sister is willing her "share" to her son, and my cousin is adding her 2 sons to the title. I see you typically recommend using the will as the least problematic vehicle to pass on a property. I feel overwhelmed by all I'm reading re that process, especially since I live out of the country. If I were to say I am 99% confident that neither of my children would ever divorce, would adding them to the title be okay? If I were to die first, what would be the process they would have to go through? If one of them were to die first, then what would be the process? I'm trying to weigh all this out but feel I can't get a grip here. Thanks for any help.
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