Defeating the Probate Tax of a Jointly Held Asset – Part II
In the last edition of Family Matters in Milton, I discussed the scenario of defeating the probate tax of a jointly held asset, and particularly, a bank account jointly held by a parent and child. To review, a joint account held by spouses passes to the surviving spouse by right of survivorship when the first spouse dies. With survivorship occurring, no probate tax is assessed on the bank account. However, if the bank account is held jointly by a parent-child and the parent dies, the Supreme Court of Canada held that the child is deemed to be a trustee...
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