Joint Ownership and Probate Fees - What You Need to Know

When an asset (for example: property, investment portfolio) is owned by more than one person there are several joint ownership structures available. Find out about the most common ownership structures and what the implications are for Estate Planning.
Joint Tenants (Also known as Joint Tenants With Rights of Survivorship)
Tenants in Common
How your Will, Estate & Probate Fees are affected by these two common joint ownership structures
Here is link to find out about Probate Fee by each Province / Territory
www.taxtips.ca/willsandestates/probatefees.htm
EXAMPLE
Probate Fees on $1 million For Each Province / Territory (For Illustration Purposes Only)
British Columbia $13,650
Alberta $525
Saskatchewan $7,000
Manitoba $0
Ontario $14,250
Quebec N/A
New Brunswick $5,000
Nova Scotia $16,258
Prince Edward Island $4,000
Newfoundland & Labrador $6,054
Yukon $140
Northwest Territories $435
Nunavut $400
If you have any further questions about this video or any financial planning questions, I recommend finding a certified financial planner in your area or  booking a discovery call with us to get your plan on track.  You can email  [e-mail]  or call [phone] (Vancouver, BC) and we will schedule a discovery call / meeting with you.