Cottage Care

Why the family cottage may prove hard to hold onto

> Cottage Care > Why the family cottage may prove hard to hold onto

Planning ahead to keep the cottage in the family

Date: 07/25/2017 | Source: http://www.thestar.com

If your cottage has been in the family a long time, chances are its value has increased. This means when it comes time to pass ownership of the cottage to another member of the family, the taxes owed can be significant. Always keep in mind that the new owner will have to pay a tax of half the cottage value appreciation above base cost. Planning ahead can mean something as simple as starting the transition earlier. “Parents can place their children on the cottage’s deed as co-owners early, triggering the capital gains tax now and spreading it out in phases so that the tax bill is smaller when the property is fully transferred.”

Why the family cottage may prove hard to hold onto

As Ontario’s cottage country ages, its largest generation of owners faces challenges in handing down their properties. Cottages in communities such as Muskoka and Haliburton may no longer be passed down, because the children of baby boomers may not be able to afford the capital gains taxes.

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