Section 1: Establish Your Estate Plan Foundation
Joint tenancy with the right of survivorship means two or more people own a property together equally. (This isn’t available in Quebec.)
If one person passes away, their share automatically goes to the other owner(s) — no need to go through the will or estate.
It’s a common setup for spouses since it makes the transfer smooth and avoids probate.
But if you’re thinking of adding a child or other party as a joint tenant, there are important tax and legal consequences to consider in advance. Do not proceed without first obtaining professional legal and tax advice.
Before setting up joint ownership, consider:
You’ll no longer have full control over the asset
There could be tax issues when transferring ownership
The asset might be exposed to the other person’s debts or family law proceedings
It might cause tension with other heirs - please obtain legal advice in advance and clearly document your intentions
