Why adding your kids to the house title will cost you Sep 28th

How to go about securing the best policy for your insurance in Canada.
Latest News
 term life insurance

Bring back the $10,000 TFSA + MORE Oct 6th

Federal Finance Minister Bill Morneau, left, with Prime Minister Justin Trudeau (Jake Wright/CP) For those who pay attention to what politicians are up to on taxes, consider that since 2015, the focus has mostly been on raising them. From Atlantic Canada to Alberta, British Columbia and federally, .... More »
 health insurance

The gig economy is here – and we aren’t ready + MORE Oct 22nd

Overhauling Canada’s social-insurance system won’t be an easy task, but labour-markets rends increasingly suggest it will be necessary in the near future .... More »
 home insurance

'A complete joke': Laid-off Sears workers say hardship fund cash amounts to nothing after EI cut + MORE Oct 10th

Laid-off Sears Canada workers say the hardship fund set up to help them is pointless because any payout counts as income and is deducted from their employment insurance benefits..... More »
insurance

BREAKING: Ontario Car Insurance Rates Decrease + MORE Oct 18th

Here at RateSupermaket.ca, we keep you in the loop of different ways to save, whether it be on your mortgage, through investments, or on your car insurance. The Financial Services Commission of Ontario (FSCO) has reported that Ontario car insurance rates have decreased by 0.1 per cent on average. .... More »
Why adding your kids to the house title will cost you
Q: My parents have both of their names on their house as joint tenants. My mother has been diagnosed with dementia and is now in long term care. My dad has trusteeship and guardianship for her. He wants to put his four daughters on the title of the house. How is this done and what is the procedure? Can this be done?
—ST
A: I’m sorry to hear about your mother’s condition, ST. Dementia is a horrible disease.
If your father is a joint tenant on the house and has power of attorney or property for your mother, he is in a position where he can do whatever he sees fit with the house. He has two of two “votes,” so to speak, with the asset. The power of attorney also governs her personally-held assets like her RRIF, TFSA, bank accounts, etc.
Unless your mother’s power of attorney includes limitations, which they rarely do, your father can make whatever financial and property decisions your mother otherwise could if she was of sound mind. The only general limitations are that an attorney cannot draft a new will for the grantor and cannot change a life insurance policy beneficiary…

Continue Reading On moneysense.ca »

Share

PinIt
Compare insurance quotes through Kanetix.ca - save time and money!