Many listeners are joining us today from their cottages…on Saturday, I discussed the implications of the family cottage on your estate plan…I shared a number of ideas to mitigate the impact of capital gains taxes on your estate. Three key ideas came from the show…using life insurance, gifting the cottage outright, and using a family trust…each of these ideas has its plusses and minuses…and they require the guiding hand of an advisor.
This weekend, enjoy your cottage, but realize that, at some point, you will either need to deal with the issue of taxation on your beloved getaway, or your executor will have to deal with it on your behalf.
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This blog has been prepared by Jeff Wareham. This opinions expressed herein are those of the writer, and not necessarily those of MGI Securities Inc. (MGI). Statistics and factual data and other information contained herein are from sources MGI believes to be reliable but their accuracy cannot be guaranteed. This information is not intended to provide specific financial, investment, tax, legal, accounting or other advice, and should not be relied upon in this regard. You should not act or rely on the information without seeking the advice of a professional. MGI is a member of the Canadian Investors Protection Fund (CIPF).
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