Cottages occupy a special place in the hearts of many Canadians. They’re usually associated with happy childhood memories, family gatherings, and for many they hold a strong sentimental value.
Therefore, cottage owners typically look for solutions to preserve their cottages, to ensure continued enjoyment by future generations.
The discussion around how to efficiently transfer the ownership of a cottage or vacation property is ongoing, and it can feel overwhelming for some.
This is because there are several issues to consider when thinking about cottage succession planning – however, the most important touch points are:
1. Capital Gains
2. Tax Implications
3. Future Ownership Options for Cottage Succession
Ultimately, everyone’s situation is uniquely complex.
If you have questions about your cottage succession planning, reach out to one of us to start the conversation today.
We’re happy to work with the other professionals involved (lawyers, accountants, and more) to develop a plan that is best suited to your needs, and the needs of your family.
– Spire Advisors of Assante Capital Management Ltd.
*Assante Capital Management Ltd. is a Member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada.