What is joint tenancy?
Joint tenancy is a type of property ownership. Find out how it works, and what happens if one of the owners dies.
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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.”
Read more on joint tenancy:
- Joint tenancy vs tenancy in common in Canada
Certified Financial Planner Jason Heath explains the tax implications of changing land owned jointly as tenants in common to joint tenancy with right of survivorship and how to do it. - Principal residence exemption on death and capital gains with joint tenancy
There are rules around capital gains on the sale of joint property in Canada. But how does death affect tax and probate fees for joint tenancy? - What are the fees for becoming a joint tenant on a parent’s property?
In becoming a joint tenant, what are the costs associated with it? What impact would a death have on this type of arrangement? - How joint property ownership rights work
Angela wants to know if the sale of jointly held property negates joint ownership and right of survivorship rights.
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