Did You Just Create A Trust - And Not Know It?

A friend at church told Evelyn to put her daughter's name on the house title. When she was gone, the house would pass straight to her daughter. No court, no probate, no fuss. It took an afternoon and cost a few hundred dollars, and nobody asked whether her daughter was receiving half a house that day or simply having her name added to a piece of paper.That kind of arrangement has a legal name most people have never heard, and it can exist whether or not anyone meant to create it. The CRA reporting requirement around it was deferred three times, which is why almost nobody has looked at this since it first came up. It's back, and it's mandatory for tax years ending on or after December 31, 2026.Not every arrangement has to be reported, but the rules for which ones don't are easy to misread, especially where a house is involved. In this episode I get into what's actually going on with situations like Evelyn's, and why so many families find out too late.Read the article.Disclaimer: This content is for general information only and is not legal, financial, medical, or tax advice.