Cottage Care

Navigating tricky tax waters when passing cottage down to children

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Navigating tricky tax waters when passing cottage down to children

Navigating passing your cottage down to your children can be tricky, especially when it comes to taxes. The Globe and Mail reported on a few options. One is to consider it your principal residence and use the PRE (principal residence exemption) to alleviate some of the costs. Another is to, "Take advantage of the 'capital gains reserve' in our tax law. This provision allows you to report a taxable capital gain over a period as long as five years." Speak to a professional about your options to gain peace of mind.

How to properly give the cottage to your kids

The Victoria Day weekend has arrived, and for many Canadians, this means a trip to the cottage to enjoy the place – and perform some maintenance. My neighbour, Walter, is heading to his cottage in Muskoka to spend some time with his kids and grandchildren. Last year, his big maintenance project was to get rid of the old outhouse on the property. Everything went well until, later that evening in the dark, his grandson fell into the hole before it could be filled in. It was a crappy experience for sure. This weekend, Walter is going to unveil a plan...

Tips for painting the cottage

Is 2019 the year you paint the cottage? Cottage Life put together a list of the five best paints for...
01/23/2019
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How to release that rusted bolt

When you live on the lake, hardware can get rusty sometimes! It's no problem, though. You can loosen a rusted...
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Staying warm with inexpensive window hack

We love winter in Kawartha Lakes, but it sure can get cold! If you don't have it in the budget to...
01/17/2019
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