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CPP Investments | Investissements RPC
What is joint tenancy? Why do you need to know this definition? The MoneySense Glossary is your resource for learning and understanding financial terms.
Joint tenancy with right of survivorship is the most common way for a married couple to own real estate. Instead of each person having a 50% interest, both spouses are considered to be 100% owners of the property. If one spouse dies, the surviving spouse becomes the sole owner. (See also tenants in common.)
Example: “A property owned under joint tenancy does not become part of the deceased person’s estate and is not subject to probate unless both spouses die at the same time.”
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