In 2012, Joel, Harold, Ray and Frank have decided to purchase a cottage as joint tenants (with rights of survivorship). This year, Frank has decided that he would like to sever his piece of ownership in the property so that he can step back and focus on spending more time with his grandchildren. Frank will: Question 9 options:

Be required to inform and obtain consent from the other tenants of his plans

Need to offer to sell his portion to the existing owners of the property before discussing the sale to any third parties

Be unable to sell his portion to his common law partner

Incur a tax liability dependent on the ACB and FMV of the property