So what's a 1 sentence summary / advice to give someone who may inherit something after a death occurs? Get your name on the asset before the death if you want to avoid having to pay any fees and taxes?

Thanks for clearing it up gents. I read somewhere before that I had to pay a bunch of taxes so it was always stuck in the back of my head that I had to sell their place before they crook or else pay the gains.

Common man you gotta sell all your assets and take out all your rsps before 65 or else the gov won't give you any gis and claw you back. :joy:

Yes i wanna be on that government tit. GIS/OAS/CPP. BRING IT ON BABY!!!

unfortunately i got that lousy pension coming so no OAS/GIS for me BibleThump

IMO the 1 word / 1 sentence summary is KISS -- just let your parents do whatever dafuq they feel the most comfortable with. Probate fees are a ridiculous ripoff and totally suck balls, but at the end of the day, it is the least troublesome route to go when you take everything into account. So if your parents want to live out their days in their home without ever worrying that their up-to-no-good son will sell the place out under them, let them do that. Or if they want to downsize or move into an old folks community / home, let them do that too.

The thing is nobody knows how long anyone will live. Theoretically, you can transfer the ownership title to yourself, or close the sale and transfer the money to your own bank account a day before your parents crook to maximize the money you keep, but realistically, it is impossible to time all that correctly to a tee.

On a personal level, I have more questions about what I should do with the inheritance when the eventuality happens to my parents. I will split their assets -- basically just the old family home (house) -- with my siblings. But do we keep it as an investment property? Should I move back into the old house, knowing that it'll require a good bunch of renovations, maintenance & repairs when I am not exactly in the best financial position to do all those? Do we just sell and split the money, knowing that we would almost certainly never own another detached home in the family?

Memories and emotions are getting in the way of making a sound and purely logical decision because this has pretty much been our family home for the past 30+ years when we first moved to Canada.

Everyone who has work long enough in Canada will be entitled to CPP payments -- unless our redneck neighbours get their way and wreck the whole party by stealing more than 1/2 of its assets under our noses.

The OAS qualifying cutoff is something like $130k/yr income right now, so for most people in the working class, they will be entitled to that as well. And if you don't qualify, then chances are you'd probably be OK without it too.

So ya, you will get to suck on some of those gov tits.

OAS can also not be collected if you retire for example abroad, only your CPP can be collected if you're no longer a resident.

For the RSers planning to move to Thailand or something when you retire :lol

Don't you just have to be here like 6 month +1 day? Or still count as citizen? I guess you would still want to be to get that free healthcare?

For OAS, yes. CPP no. CPP can be collected while no longer being a resident of Canada.

CPP is an investment you contributed to and are entitled to regardless, OAS is not.

Speaking of this, does it make sense to declare as none resident? I've heard of some HK ppl throw money here and their gains are tax free cuz they are none resident.

If there are more than two siblings, I can't see you guys keeping the house. Surely you will sell it off and split the profits. There is very little chance the siblings will try to maintain a house, too many cooks in the kitchen.

There's no one size fits all advice for everybody. You can very easily make a move that saves probate fees and end up with a bunch of other unintended consequences that could cost more in the long run. Ultimately the person with the estate is the person who should work with a professional and make some plans to accomplish their goals.

-Mark

From my understanding, it's pretty black and white.

If you want to avoid probate, you have to put the child on the title. This has consequences, ie. child takes the house and kicks you out.

If you want to secure your asset until you die, you leave it in your name. This has consequences, ie. your child has to go through probate.

If you "trust" your kid, put them on the title and if they screw you over, that's on you.

Again - it is not black and white, and it is not simple.

Example - if your adult children are on title and are successfully sued for $1M and only have $500k, the joint house is at risk.

-Mark

Ok, well yes. You are correct.

But, if you're going to use the "what if" argument, you have to agree the only logical safe option is to let the house go to probate.

Would you agree?

Hmm, heard on the news this morning that the gov will announce cancellation of stress test for moving expiring mortgages? How the turns have tabled. Every can just rage quit and not worry about losing their house. Not sure how the banks will like that.

That's not what a stress test is.

I tried to find more info about it but so far all I got is

"Freeland is introducing a new "Canadian Mortgage Charter," which will give homeowners new rights when facing a mortgage renewal."

Besides we're fucked and going broke but we can let the new buddy guys hold the bag

https://www.cbc.ca/news/politics/can...2023-1.7035098

Buddy guys never hold the bag, the family will always pay.

This article has more complete information:

https://globalnews.ca/news/10106658/...mic-statement/

Currently you don't have to re-stress test if you're renewing with your existing lender. However, if you are trying to shop banks to find a better rate at your renewal you have to do the stress all over again with the new lender.

The proposed legislation does away with that re-stress test requirement if switching lenders, allowing better opportunity to shop for better rates.

Note that this only applies to CMHC insured mortgages.

I'm not sure what you meant by "rage quit without worrying about losing your house". Yes you still very much can lose your house if you don't make your payments.

Lol so basically this doesn't affect the normal folk, just the poorest of the poor who are over their heads in leverage

"Note that this only applies to CMHC insured mortgages."

I don't think anyone I know has an insured mortgage, clearly no one on RS :troll::joy:

What's a mortgage?

- some RS baller, 2023

Fixed

Memories are for the riches. When it comes to paying for property taxes of 10k and misc stuff to upkeep... people start realizing it's too much to sit on it and not sell.

a) sell and split.
b) rental property and wait for the land to go up.

no one wants to do B but it's the biggest yield....