Home transferred from Coowned to Wife owned
February 8th, 2007 by Questions
If I was to go bankrupt and currently did not own the home I live in, however did 3 years ago, and owed rev can a sizable amount of current year income taxes, would rev can be able to go back and overturn the transfer to somehow get what they might deem my share of the equity out of the home???? and if so, would it be based upon the equity position at the date of the transfer, or on the day of bankruptcy?
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February 09, 2007 at 10:27 am, Barton Goth, GCO Inc. Bankruptcy Trustees said:
This is partially dependant on what province you live. For instance, I practice in Alberta, and in Alberta we have the Dower Act, which essentially reads that it makes no difference whose name is on title to the house, if you live there and your income has contributed to the household, then you rightfully own 50% of the household.
However, keep in mind that every province is different so you are best to follow this link to find a local trustee and ask them what needs to be considered in your jurisdiction.