House and RIF

February 16th, 2012 by Questions

My daugthter and I own a house. We are tenants in common. If one dies, the house goes to the other owner. The equity in the house is approx. 14%.
I am retired with smaller income now and cannot pay my credit card dept.
I have locked in RIF.
What will hapen to our house and my locked in RIF if I go bancrupt.

Posted from: Ontario


One Response to “House and RIF”

, A licensed trustee said:

First, in Ontario “tenants in common” does not mean the house automatically transfers to the survivor if one of the owners die. That is called “joint tenancy” and it has to be explicitly disclosed on your title deed.

IF you file for bankruptcy then you will be required to pay an amount equal to your share of the house equity to your trustee (for the benefit of your creditors) or the trustee may be required to apply to the Court to have the house sold.

Your RIF is likely safe, but if you are able to withdraw a lumpsum then your trustee may habe the same rights. Bring your policy with you when you go and speak to a trustee.

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