Cottage Care

The tax hassles of owning and selling a cottage or second home

> Cottage Care > The tax hassles of owning and selling a cottage or second home

All about cottage taxes

Evaluating your finances as another summer comes to a close at your cottage? You’re not alone. There have been changes recently to the principal residence exemption, so it is a good time to do some estate planning. Remember, “A principal residence can include your vacation property, even if it’s not where you primarily live during the year as long as you, your spouse/common-law partner or your child ordinarily inhabit it at some point during the year.” Keep records of your ACB for appraisal reasons, and if you decide to sell Kawartha Waterfront Realty is here to help you through the process.

The tax hassles of owning and selling a cottage or second home

Perhaps the biggest tax problem associated with a vacation property is the potential for capital gains tax upon either the sale, or gift of the property, or upon the death of the owner.

What to know about brightening your garden with rhododendrons

My neighbors, Dale and Bev Lippincott, have some rhododendrons on their property that are beautiful and are also inside a...
04/18/2018
Read

4 Easy DIY Home Projects for Spring

 Update standard plastic switch plates around your home.  Many homeowners spend a lot of money decorating their home’s interior, but...
03/05/2018
Read

These are the 7 spring cleaning hacks your life has been missing

Though some of us may still be bundled in sweaters, spring is actually just around the corner. And once we’re...
03/05/2018
Read