Darlene H Thiessen Notary Corporation

5 Ways Powers of Attorney go Wrong in Real Estate Transactions Powers of Attorney aren't automatically usable. Here are five ways your Power of Attorney might be invalid or unusable for Land Title purposes.

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When Should You Have Your Personal Planning Documents In Place? NOW! Our law blog posts articles about a variety non-contencious legal matters and legal news related to BC Notaries and our legal services.

The Strata Insurance Clause, and Other Ways to Help with Strata Transactions - British Columbia Real Estate Association As a result of recent changes to the strata insurance landscape, BCREA has created a Strata Insurance Clause to help REALTORS® support their clients when entering the strata property marketplace. The clause is now available for REALTORS® to use on WEBForms®, and a guide with more details on how t...

Renting Out Your Home? Here's Everything Landlords Need to Know About Taxes and Expenses Get covered before tax season comes around

Are you thinking of transferring a portion of your residence to your child(ren) as joint tenants to avoid paying probate fees? There are some serious consequences to be considered, such as:

1. What if your child(ren) blocks your plans for the property? The original owner could lose control over the property if the joint tenant refuses to sell the property or decides later that sale proceeds belong to him/her prior to the death of the original owner.
2. What if your child(ren) has financial difficulties? If the person who is on title as a joint tenant runs into financial troubles, his/her debts can be attached to the property. This includes unpaid student loans, unpaid debts to Canada Revenue Agency and future law suits.
3. What if your child(ren) and her spouse separate or divorce? If the person who is a joint tenant goes through a divorce, the property could be attached and be considered an asset (to be shared) by the unhappy spouse.
4. What about tax issues? There may very well be capital gains to be paid by the new joint tenant which they may not even be aware of. If the property is not the child’s principal residence, the tax would be on the equity accumulated during the time they are co-owners of the property. At approximately 25%, capital gains is much higher than 1.4% probate fees.

The 1.4% probate fees pale in comparison to the potential financial expense indicated above.

(Excerpts taken from Laurie Salvador, Notary Public Practicing in Sidney BC)

Please note that our offices have moved next door to 5814 Riverside Street, Matsqui Village, BC, V4X 1T6. Our phone number, email and fax number remain the same.