In the second blog, of my three blog guest post for the Canadian Capitalist; I discuss the income tax implications of transferring or gifting a cottage to your children. Many people are unaware these gifts or sales, often create an immediate income tax liability.
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What happens when three siblings own a cottage and one of the siblings wants to be bought out because they are dying and they need the money but the other two refuse ? The dying sibling has no will and is married with one daughter age 21. What tax implications are there for the surviving spouse and the siblings?
ReplyDeleteHi McPhado
DeleteThey(you?)need to get a will urgently. In Canada,if you die without a Will you are considered to have died "intestate." Simply put, this means that your provincial government decides how your assets will be divided—and not you. Get a will or tell them to get a will ASAP.