Adding Your Child to Your House Title to Avoid Probate? Watch This First.

Video Description

Most Canadians are told to avoid probate at all costs — but very few understand what actually costs far more than probate at death. In this video, Chartered Professional Accountant Cherry Chan breaks down how probate really works in Canada, why obsessing over probate can lead to massive income tax mistakes, and when common “probate avoidance strategies” actually create bigger financial and legal problems. You’ll learn: ✅How probate fees compare to capital gains tax at death ✅Why adding a child to property title can trigger immediate tax ✅When probate avoidance does NOT work ✅How RRSP beneficiaries, segregated funds, multiple wills, and trusts really function ✅Why probate should be the LAST step in estate planning — not the first This video is essential for: ✔ Canadian real estate investors ✔ Business owners ✔ Professionals with rental properties or corporations ✔ Anyone planning their estate or worried about probate fees Key Moments In This Episode ======================== 00:00 – Probate vs Income Tax: What Really Costs More? 01:44 – What Probate Actually Is (And What It’s Not) 02:05 – Probate Fees by Province (Ontario, BC, Alberta) 02:28 – Capital Gains Tax at Death Explained 04:02 – Joint Ownership: The Hidden Tax & Legal Risks 10:56 – RRSP Beneficiaries & Estate Liquidity Problems 12:00 – Segregated Funds: Probate Avoidance with Protection 15:30 – Multiple Wills, Trusts & Smarter Estate Planning 20:20 – Why Probate Should Be Your LAST Concern Probate is not evil. Emotional planning is. The real goal is to control tax timing, liquidity, protection, and wealth transfer — not just to avoid a 1.5% fee. If you have any questions or thoughts after watching this video, leave a comment below, and I’ll respond as soon as possible. Don’t forget to subscribe to my channel for more videos on Canadian real estate and tax-saving strategies so you don’t miss a thing! ---------------------- Please make sure to speak to a professional that knows your personal situation before making a decision. If you need to talk to someone on my team, email us at [email protected] ---------------------- SIGN UP FOR OUR NEWSLETTER Want to stay up-to-date with all the latest news about Real Estate Tax Tips, receive weekly tax tips and free real estate investment resources? Then subscribe to our newsletter here: https://realestatetaxtips.ca/youtube-... Struggling with the question "To incorporate or not incorporate?" I have put together a free resource to help you fix it fast. Grab the “7 Questions to Ask Yourself When Deciding to Incorporate” Report here: https://realestatetaxtips.ca/free-reports/ FOLLOW ME ON SOCIAL MEDIA: Facebook: https://www.facebook.com/RealEstateTaxTips Instagram: https://www.instagram.com/realestatetaxtips/ ----------------------⭐Cherry’s Best Real Estate Tax Tips ⭐➡️Canadian Election Tax Policies – Final Update Before You Vote: • Canadian Election Tax Policies – Final Upd... ➡️Top 9 Tax Deductions & Credits You Don’t Want to Miss on Your 2024 Tax Return (Filed in 2025): • Top 9 Tax Deductions & Credits You Don’t W... ➡️Everything You Need to Know About Canadian Election Tax Policies: Part 2: • Everything You Need to Know About Canadian... ➡️Cash for Keys – Is It Tax-Deductible in Canada?: • Cash for Keys – Is It Tax-Deductible in Ca... ➡️Everything You Need to Know About Canadian Election Tax Policies: Part 1: • Everything You Need to Know About Canadian... ---------------------- DISCLAIMER: Real estate Tax planning is a personalized decision and will depend on your situation, priorities, and risk tolerance. Consult with your legal and tax advisors to ensure you get the best personalized advice. The information contained in this video is for general information purposes only. The information is provided by ECRB Consulting Inc., RealEstateTaxTips.ca, Cherry Chan Professional Corporation and Cherry Chan. While we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the article or the information, products, services, or related graphics contained on the presentation for any purpose. Any reliance on such information is, therefore, strictly at your own risk. In no event will we be liable for any loss or damage, including, without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of or connected with the use of this information. #CherryChanCPA #RealEstateTaxTips #RealEstateInvesting #ProbateCanada #EstatePlanningCanada #CapitalGainsTax #AvoidProbate #CanadianTax #RealEstateInvestingCanada #EstatePlanning #TaxAtDeath #WealthTransfer #CPAAdvice #JointOwnership #FamilyTrust #SegregatedFunds #MultipleWills