When You Inherit a House in Ontario, Is It Taxable?
January 23, 2025
When you inherit a house in Ontario, ownership is transferred to you according to the deceased’s will or estate plan.
When you inherit a house in Ontario, ownership is transferred to you according to the deceased’s will or estate plan.
The most effective way to minimize estate taxes in Ontario is through proper estate planning.
Personalized advice ensures your plan complies with Ontario laws and meets your long-term objectives.
An irrevocable trust offers advantages like asset protection, reduced taxes, and avoiding probate.
A living trust is a legal arrangement where you transfer ownership of your assets into a trust while you are alive, managed by a trustee for your benefit or your beneficiaries.
In Canada, trusts are generally taxed at the highest marginal tax rate for individuals unless they qualify as graduated rate estates (GREs) or certain other exceptions.
The cost of setting up a living trust in Ontario typically ranges from $2,500 to $5,000 for basic trusts, but can be higher for more complex arrangements.
Setting up a living trust in Canada involves drafting a legal document that outlines the trust’s terms, including who the trustee and beneficiaries are, and how the assets will be managed and distributed.
Putting a house in a trust can protect it from probate, saving time, money, and ensuring privacy.
Yes, trusts are taxed in Canada. Income generated within a trust, such as interest, dividends, or capital gains, is subject to taxation.
SWPP helps families and business owners in Ontario with comprehensive estate planning.
SWPP’s Living Estate Plan service ensures Ontario families have an estate plan or living trust that protects their assets from unnecessary taxes and fees, including probate.
16 Industrial Parkway South, Suite 609, Aurora, ON, L4G-0R4