When we talk about the cost of probate, strictly speaking the answer should be about what the court will charge you to process the probate application. If you are a residuary beneficiary, get a copy of the will ASAP to see whether the household and personal items are left in the estate. Since 2007, it has been the law in Canada that a jointly owned property between a parent and a child is to be held in trust for the parent’s estate until it can be determined why it was put into joint names. Just minutes away from the Guest House is the internationally renowned Upper Canada Village. Also, when the house does sell, make sure you reimburse yourself for every penny of your expenses.
It is our hope that all Canadian families and friends will join us as we create a Canadian out-of-Village hub for all Team Canada-related activities and the primary meeting place for Canadians in Rio. At least that way they can see some progress, and can also see that some things (like someone making an offer on the house) are not within the executor’s power to speed along. There isn’t any Wednesday Hodgepodge this week (since our indefatigable Hodgepodge Hostess and family are finally getting to move into the house they’ve been building. At the time the house transfers to you, there may be capital gains tax assessed, if the property may have increased in value while it was in the name of the estate. Property prices this year in those two hot markets are expected to rise 15 percent and 22 percent, respectively, versus 9 percent and 16 percent in the previous poll. Why do Indians always point out that the Europeans who came to Canada were also immigrants.
BELIEVE in your own culture and ASSERT the rights of traditional cultures of Canada to prevail in their OWN communities. If your daughter were to get divorced, her spouse could claim half the value of the house and if she doesn’t have the funds to pay this out, you could end up paying it yourself just to stay in your own home. Also if I move in do I need to pay for maintenance fees plus property taxes plus interest on deposit (or sale price?). In fact, many people would say that helping your aging Mom keep up her house is something that most kids would do for free. There are some features of this generally North American phenomenon that have a particular emphasis in Canada. You don’t need to come to Canada to have that opportunity so what you wrote is nonsense.
In the U.K Indians (Sikhs) are highly respected for their work and education ethics, Sikhs are the largest minority in the U.K to own their own house and have the 2nd highest pass rate in education after the Chinese. There’s a lot more involved in financial planning than just what to do with the house, but since I don’t know about any of the rest of it in this case, let’s just talk about the house. I also want to use my RRSP as the first-time home buyer to purchase the house for them.
If you are the executor (and it sounds as if you are) and you don’t pay the tax from the sale proceeds, you will then owe that $8,000 personally. If all of your children own the house and they all live there, on the eventual sale they won’t be charged tax. From my observation, Singaporean immigrants who succeed in Canada are those who have the same mentality as those from other Asian countries. No matter what happens, the house should NOT pass to more than one of the kids because you will not be able to agree on the use of the house. The will stipulates that the net proceeds of the sale shall be divided with half to my father (it was still his primary residence) and half to the estate (me).