Is it a good idea to add my children as joint owners on my house or accounts?

Short answer

It's usually a bad idea. Adding your kids as joint owners doesn’t avoid estate planning, it just shifts the risk. It can trigger tax consequences, expose your assets to their legal issues, and create disputes if the plan isn’t crystal clear.

Long answer

Adding your children as joint owners on your house or bank accounts might seem like a simple way to avoid probate. But it often creates bigger problems than it solves.

The CRA may treat the transfer as a sale or a gift—especially when it comes to real estate. That can trigger tax today, not later. It may also jeopardize your principal residence exemption. And once your child’s name is on the title, your asset is legally theirs too. If they divorce, get sued, or go bankrupt, your home or money could be caught in the middle.

Even if nothing goes wrong during your lifetime, the problems often start after you’re gone. It’s not always clear whether the asset was meant to pass directly to that child or to be divided with others. The law doesn't assume it goes to them automatically - it's actually much more complex. That’s when the fights begin.

Sometimes joint ownership is the right move. But it has to be intentional. It has to match your overall plan. And it has to be structured carefully to avoid liability and confusion. But it's often not worth it.

What you save in probate fees, you may end up paying in tax, stress, or court. There’s a reason I almost never recommend it. Here’s why.

Talk to someone before making an irreversible legal mess.

This content is for general information only and does not constitute legal advice. Please consult a lawyer about your specific situation.