What are the fees for becoming a joint tenant on a parent’s property? + MORE Mar 26th

My dad owns a house and a condo. The condo is his primary residence and he rents out his home. The home has greater value. He wants to put me on as a joint tenant. What fees will have to be paid when he does that, or are fees paid upon his death?—Judson

Fees associated with joint tenancy

Thank you for your question, Judson. Depending on both of your tax situations, there are a few different types of fees that you both may need to consider. For example, depending on your particular circumstances, you may be looking at possible capital gains taxes, land transfer tax, legal fees, accounting fees, and lastly probate fees upon the death of one of the joint tenants. Let’s look into each one:

Capital gains

Think of capital gains tax as the fee the government gets when we profit from the sale of an investment. An investment can be any asset that was purchased and then later sold. You can have a capital gain (meaning you earned money from the sale). And you can have a capital loss (meaning you lost money from the sale)…

Canada’s mortgage stress test applies to anyone applying for or renewing a home loan through a federally regulated lender. But, if you’re like nearly half of Canadians polled by TD Bank in 2019, you may not understand what the test is—or who it affects. 

The rules of the stress test have changed since they were first introduced in 2016, which can add to the confusion. But, make no mistake, the stress test impacts anyone applying for a mortgage from one of the major banks. And while provincially regulated lenders have more flexibility when it comes to mortgage approvals, many still use the test to evaluate customers’ financial risk.

You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quoteI’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense. Just close the tab to return.

“It applies to everyone—you, me, first-time buyers and 10-time buyers,” says Maxine Crawford, a mortgage broker who serves the Greater Toronto Area (GTA) and elsewhere in Ontario…

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