My name is Mark Goodfield. Welcome to The Blunt Bean Counter ™, a blog that shares my thoughts on income taxes, finance and the psychology of money. I am a Chartered Professional Accountant and a partner with BDO. This blog is meant for everyone, but in particular for high net worth individuals and owners of private corporations. My posts are blunt, opinionated and even have a twist of humour/sarcasm. You've been warned. Please note the blog posts are time sensitive and subject to changes in legislation or law.

Sunday, April 17, 2011

Transferring the Family Cottage-There is no Panacea-Part 1

The final blog in my three part series on Executors; ”Is a Corporate Executor the Right Choice?" will be posted next week.

This week I am going to post links to a three part blog I wrote on transferring the family cottage, which the Canadian Capitalist has kindly posted. For anyone who does not know the Canadian Capitalist, it is one of the preeminent financial blogs in Canada.

The cottage blog series will be broken into three blogs. The first blog will discuss the historical nature of the income tax rules, while the second blog will discuss the income tax implications of transferring or gifting a cottage and finally in the third blog, I will discuss alternative income tax planning opportunities that may mitigate or defer income tax upon the transfer of a family cottage.

I hope you find the cottage series informative. I will post my week 8 Confessions of a Tax Accountant later in the week.

The blogs posted on The Blunt Bean Counter provide information of a general nature. These posts should not be considered specific advice; as each reader's personal financial situation is unique and fact specific. Please contact a professional advisor prior to implementing or acting upon any of the information contained in one of the blogs.


  1. We are trying to sell a Muskoka cottage by writing good stories about it. Never been done before.

  2. Thanks for the excellent posts Mark. Much appreciated. I sure learnt a lot.

  3. What about the idea of buying the cottage for $1 (or small amount more than my parents bought it for 40 years ago)? Is this a way to pay minimal capital gains?

    1. Hi Monica

      That does not work, it is deemed sold at the fair market value, not the value you feel like using. Ensure you obtain proper tax advice before transferring the family cottage or you may end up with a huge tax bill.