Should I hold title as joint tenants or tenants in common with my co-buyer?

When two or more people purchase property together in Ontario, they must decide how to hold title: as joint tenants or tenants in common. The choice has significant legal and estate-planning consequences.

Joint tenancy includes a right of survivorship: if one owner dies, their share passes automatically to the surviving owner(s) regardless of what the will says. This is common for married spouses who want a simple automatic transfer on death. Tenants in common hold a defined share of the property (which may be unequal), and each owner's share passes through their estate when they die — it does not automatically transfer to the co-owner.

For unmarried couples, friends, or family members buying together, tenants in common is often preferable because it allows each person's share to go to their chosen beneficiaries. It also makes it easier to reflect unequal contributions to the purchase price. Your lawyer will ask you how you want to hold title; this is a decision worth discussing with your co-buyer and, if the amount is significant, with an estate planning adviser before closing.