The Survivorship Affidavit is a form for a person to complete to establish the identity of the survivor in a joint tenancy or other property ownership relationship.
Survivorship application is a legal process in Ontario, Canada, which deals with the transfer of ownership of assets when one joint owner passes away. It is commonly used for real estate properties, bank accounts, and investments held in joint tenancy. When a joint owner dies, the surviving owner needs to apply for survivorship to have the deceased owner's interest legally transferred. In Ontario, there are typically two types of Survivorship application fees: 1. Land Transfer Tax: When the transfer of ownership involves real estate, the surviving owner is required to pay a land transfer tax fee based on the current market value of the property. The amount of the fee is calculated based on a graduated scale. The more valuable the property, the higher the fee. It is important to note that the fee is applicable only if the deceased owner's interest exceeds their allowable tax exemptions. 2. Court Filing Fees: The surviving owner may need to file a Survivorship application with the Ontario Superior Court of Justice. Along with the application, certain court filing fees are required to be paid. These fees cover the administrative costs associated with processing the application. The amount of the court filing fees may vary depending on the complexity and value of the assets being transferred. It is crucial to consult an experienced lawyer or legal professional to understand the specific fees and procedures involved in a Survivorship application in Ontario. They will guide individuals through the process and ensure that all necessary fees are paid accurately and on time.
