8 August 2018

Nevertheless, there are certain ways how to solve this issue. David Lee, a financial advisor with BlueShore Financial, advises joint homeownership of a home, which helps to keep the property in the family.

“You can pass your home onto a relative, so the surviving party keeps its initial cost and even avoids probate fees,” – Lee explained.

He says pre-gifting is becoming more popular in Canada. “Of course, there are risks of losing control over your property, but they will avoid taxes in the future”, – he added. Another important recommendation is using a trustee – a person who will decide to whom the property is transferred.

“You can do it while you’re alive, or a testamentary trust can be set up after your death,” – said Lee.