Mortgage News
Want the kids to inherit the house? Avoid these common tax mistakes
Many parents want to leave as much cash and property as they can to their children. However, there are tax, probate and inheritance traps that can cause missteps.
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Your home is likely your largest investment, so it is essential to be adequately prepared when it comes to your family inheriting the property. Common financial missteps can lead to overpayment of taxes, and other issues.
This article from the Globe and Mail shows some common financial missteps many Canadians make, and how to avoid them, including;
- Why it's not a good idea to transfer your home to your children prematurely,
- Why the opposite can be true for a family cottage, in some cases,
- What to do with your bank accounts,
- And the proper way to keep track of valuables.