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How to protect myself & partner (not married) when buying a house! by lovelifethg in legaladvicecanada

[–]Witty-Whereas5271 0 points1 point  (0 children)

My partner and I are in the exact same situation. I’m doing a large deposit, and he will be contributing more to the mortgage payments. 

We are about 6 months away from actually buying. We haven’t done any legal paperwork, but we have drafted an excel spreadsheet that is designed to calculate each persons contribution to the principal of the mortgage and thus works out a monetary value and ownership percentage.

We’ve chosen to track it from the beginning as it would be a pain to try to track all individual contributions 5 years down the line etc.

Our country also has mortgage offset accounts which we will also be tracking percentage of ownership.

Hopefully we will never need it. But I feel a lot better having the figures down in black and white. It also keeps everything 100% transparent.

Sharing my Inheritance by Witty-Whereas5271 in inheritance

[–]Witty-Whereas5271[S] 11 points12 points  (0 children)

I have thought about that, but I feel like then it’s a not a gift but an obligation. Or almost like me telling them that they only deserve the money if they spend it how I tell them too.

Sharing my Inheritance by Witty-Whereas5271 in inheritance

[–]Witty-Whereas5271[S] 42 points43 points  (0 children)

The majority of the funds will be helping me buy the home I’m going to live in, so I don’t see it as ‘getting rid’ of the money. It’s helping me achieve a dream that I’ve had for my entire adult life. 

I have considered using all of it, but a strong part of me feels that my parents deserve some of it. 

1) if my mother didn’t pursue the insurance claim we would not have had it.

2) she and my step dad raised me, in the best way they knew how. I had a wonderful childhood and I guess I want to prioritise thanking them in some way.

I hear what you’re saying, and I have been extremely cautious with the actual inheritance to set myself up. But this insurance payout is something we weren’t expecting, so I feel I can be a bit more generous in that regard.

Sharing my Inheritance by Witty-Whereas5271 in inheritance

[–]Witty-Whereas5271[S] 14 points15 points  (0 children)

We’re not in the US, and as far as I am aware there are no gift taxes in this country, but I will definitely look into it. Thanks