Exclusions versus Deductions Pt 3- Inheritances to Exclusions and Matrimonial homes

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  • เผยแพร่เมื่อ 13 ก.ค. 2024
  • We continue in Part 3 of the series on exclusions and deductions when filling out the financial disclosure form for family proceedings in Ontario, Canada.
    Part 1: Exclusions and Deductions: what is the difference? • Exclusions versus Dedu...
    Part 2: Exclusions and Deductions: inheritance • Exclusions versus Dedu...
    It gets particularly tricky when inheritances are used to purchase matrimonial homes.
    0:24 What happens you inherited a house and that became the matrimonial home? Can you exclude that amount in your net family property?
    Lawyer Shmuel Stern discusses this exception to an exception.
    1:07 What if you inherited money and you used it to buy the matrimonial home? (In other words, that money is traced into the matrimonial home.) Do you still get to exclude it?
    2:00 What if you have a matrimonial home and you sell it, and you buy another house? Do you lose the date of marriage deduction because it's traced into a matrimonial home?
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