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4 ways to pass along the family cottage
– moneysense.ca
You can’t spend an afternoon paddling rivers or jumping off a dock without wondering where we, as Canadians, would be without cottage life. Yet, the joy of living a bit rough—with the bugs, the loons and everything in between—can, unfortunately, become a source of stress as aging parents start to ponder how to pass on the family cottage to the next generation.
Despite what you might think, “there is no one size fits all solution when it comes to estate planning and cottages,” explains says Tarsem Basraon of TD Wealth. “It really does depend on a person’s circumstances and goals.”
To help you make a more informed decision, here are four strategies for passing the cottage on to the kids:
No. 1: Pass it on before you die
One common solution, says Basraon, is to gift the cottage while you’re still alive. This typically only works if you no longer want to use or visit the cottage, says Basraon, and you only have one child that can take ownership of the property. By gifting the cottage now, you’re able to pay the current tax burden—the tax on capital gains that have accrued from when you first purchased the cottage to the fair market value of the property when you gave it to your child…
Despite what you might think, “there is no one size fits all solution when it comes to estate planning and cottages,” explains says Tarsem Basraon of TD Wealth. “It really does depend on a person’s circumstances and goals.”
To help you make a more informed decision, here are four strategies for passing the cottage on to the kids:
No. 1: Pass it on before you die
One common solution, says Basraon, is to gift the cottage while you’re still alive. This typically only works if you no longer want to use or visit the cottage, says Basraon, and you only have one child that can take ownership of the property. By gifting the cottage now, you’re able to pay the current tax burden—the tax on capital gains that have accrued from when you first purchased the cottage to the fair market value of the property when you gave it to your child…
