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.
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.
We are trying to sell a Muskoka cottage by writing good stories about it. Never been done before.
ReplyDeleteThanks for the excellent posts Mark. Much appreciated. I sure learnt a lot.
ReplyDeleteWhat 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?
ReplyDeleteHi Monica
DeleteThat 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.
The Canadian Capitalist website won't open. Is there another place that your articles on Transferring the Family Cottage can be found?
ReplyDeleteHi Anon
DeleteLook at Aug 2017 on my blog, all three are posted