As you can imagine, there are many factors to consider when estate planning with blended families.
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Should I add my child to the title of my home?
Should I add my child to the title of my home? When your child is listed as a joint tenant, it is likely that the home will be their primary residence. There will be potential income tax complications, like capital gains, from doing this. In Ontario, your child will forfeit their first-time buyer’s exemption for the property transfer tax on the home purchase.