Written by Ron Cooke, President & Founder of Strategic Wealth Protection Partners in Ontario
Can you put your house in a living trust in Canada?
Yes, you can place your house in a living trust in Canada.
By transferring ownership of the property to the trust, you can ensure it bypasses probate and is managed according to your wishes.
This process involves legally changing the title of the house to the trust’s name, which requires careful planning and professional guidance to ensure compliance with provincial laws.
What are the benefits of putting your house in a trust in Canada?
Placing your house in a trust offers several benefits, including avoiding probate fees, maintaining privacy, and ensuring a smooth transfer to beneficiaries.
It also allows for greater control over how the property is used or distributed, particularly for beneficiaries who may need financial management or protection. A trust can also protect the property from creditors or disputes.
Learn more about the Pros and Cons of putting your house in a Living Trust HERE >
What are the disadvantages of putting your house in a trust in Canada?
While beneficial, putting your house in a trust can have drawbacks.
It involves upfront legal and administrative costs, and transferring ownership might trigger property transfer taxes in some provinces. Additionally, managing a trust requires ongoing effort and possibly professional fees. In certain cases, it could complicate your ability to refinance or sell the property without modifying the trust.
What is the best trust to put property in?
The best type of trust for property depends on your goals.
A living trust is ideal for avoiding probate and retaining control during your lifetime. Spousal trusts can defer taxes until the surviving spouse passes, while joint partner trusts serve similar purposes for couples. Consulting with a professional will help you determine the best option for your situation and objectives.
How much does a living trust cost in Canada?
The cost of setting up a living trust in Canada typically ranges from $1,500 to $3,000, depending on complexity and professional fees.
While this may seem expensive, the long-term savings in probate fees, time, and potential disputes often outweigh the initial costs. Periodic reviews or updates may incur additional fees, ensuring the trust remains effective.
Who should I work with if I’m considering a living trust?
To set up a living trust, work with an estate planning professional, an accountant, or estate lawyer.
These experts can guide you through the legal and financial aspects of creating a trust that meets your goals. A collaborative approach ensures your trust is structured to maximize benefits and minimize risks for you and your beneficiaries.
Discover the Benefits of a Living Trust in Ontario
Are you an Ontario resident considering a living trust as part of your estate planning?
At Strategic Wealth Protection Partners, we’re here to guide you through every step of the process with expert advice and personalized support. Begin your estate planning journey today with a Living Estate Plan Consultation from our experienced team.
Our mission at SWPP is to help you create an estate plan that secures your legacy, shields your assets from unnecessary taxation, and ensures your loved ones are cared for. By designing a living trust tailored to your goals, our experts will help you build a plan that truly reflects your values and priorities.
Take control of your future—start planning today!
Schedule a Living Estate Plan Consultation
Planning your legacy is about more than numbers—it’s about ensuring your family remembers you and your values are honoured for many years to come.
Estate planning and trusts can feel overwhelming, especially if it’s your first time. That’s why we’re here.
With our simple, 5-Step Living Estate Plan, we make the process easy, helping you create a comprehensive estate plan or trust that protects your assets from taxes and probate fees while preserving your legacy. Tools like The Final Word Journal capture your story, wishes, and essential details like accounts and end-of-life plans, ensuring your family has clarity and comfort.
Take the first step today—schedule a consultation call and give your family the ultimate gift: peace of mind and the assurance they were always your priority.
Read More
If you’re starting your estate planning process, you may find these articles helpful:
- Is a Living Trust Better than a Will in Canada?
- Why the ‘death binder’ is becoming an essential part of estate planning
- How to Create a Living Trust in Canada
About the Author
RON COOKE, PRESIDENT & FOUNDER OF STRATEGIC WEALTH PROTECTION PARTNERS
With over 30 years in financial services, I’ve seen the challenges families face when a loved one passes—lost assets, unnecessary taxes, and emotional stress. That’s why I created the Living Estate Plan, a comprehensive process to protect assets, eliminate estate and probate fees, and create legacies that are remembered for many years to come.
This plan ensures your family receives not just your wealth, but a meaningful reminder of your care and love. Tools like The Final Word Journal capture your story, wishes, and essential details, offering clarity and comfort during difficult times.
Your final gift should be more than money—it should be peace of mind, cherished memories, and an organized estate.
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