Adding A Child To The Title & Land Transer Tax

by Tax Guy - Burlington Accountant on November 20, 2008 Print This Post Print This Post

Question:My mom is thinking of transferring her principle residence into a joint tenancy with my brother who will also live in the house.  Will there be any Ontario Land transfer tax on the development of the joint tenancy?”

It does not “appear” that the land transfer tax applies in this case.  See:

Ontario Land Transfer Tax

A call to the lawyers office who will handle the transfer will provide some certainty to the situation (I’m not a lawyer! I’m an accountant).

In term of the transfer, joint tenancy carries some risks other than tax risk.  Take a look at this article on the dangers of joint ownership.

About The Tax Guy...

Dean Paley CGA CFP is a Burlington accountant and financial planner who services individuals and business owners locally, nationally and internationally. Dean has appeared in the National Post, Toronto Star and Metro News.

To find out more, visit Dean's website Dean Paley CGA CFP or connect via Twitter @DeanPaleyCGACFP.

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