Mailbag: Adding A Spouse to Title

Mortgage-Mailbag Question:  Hi, I live in Toronto and would like to refinance a rental property. I’d like to add my wife to title so she can apply with me for the refinance. Can that be done; and would she need to pay land transfer tax?

Answer:  There is no problem with you and your wife both applying for the refinance.  Your lawyer can add your spouse to title pretty easily when the refinance closes.  There should generally be no land transfer tax implications as long as the transfer complies with Ontario’s spousal exemption.

That said, it’s always wise to consult a lawyer and tax advisor for advice specific to your situation.