Transferring a cottage over to the next generation requires careful planning as it is not as simple as handing them the keys. Family needs to consider the legal and tax implications which can cause a hefty bill depending on how much the property has appreciated. As stated by tax expert Armando Minicucci, “The first thing that stands out as a shocker to most families is how much the tax is actually going to be”. If you have any questions regarding your cottage property and what real estate options are available please ask for David at 1-705-438-3000.
With cottage season around the corner, many owners will start thinking again about the value of their recreational property, whether to hand it over to their kids – and when.
Transferring a cottage over to the next generation requires careful planning as it is not as simple as handing them the keys. Family needs to consider the legal and tax implications which can cause a hefty bill depending on how much the property has appreciated. As stated by tax expert Armando Minicucci, “The first thing that stands out as a shocker to most families is how much the tax is actually going to be”. If you have any questions regarding your cottage property and what real estate options are available please ask for David at 1-705-438-3000.