Keep it in the Family

Many cottagers are unaware of the tax issues associated with their cottage. Others think that they solved their capital gains problem by claiming their remaining $100,000 lifetime exemption in 1994, before it was eliminated. However, they may not have solved their problem, they might only have delayed it, or transferred an even bigger liability to their children or grandchildren.

Don't leave your family out in the cold.

You need to take steps today to protect your estate and pass your assets to those you love, not those you love to hate. You can change the picture, but the story remains the same. Under certain conditions Canada Customs and Revenue Agency (CCRA) could get as much as 51% of the value of some of your assets. Upon the death of the last spouse many items in a person's estate are subject to one final tax grab by CCRA. The assets most at risk are:

• The family cottage The family business RRSPs RRIFs
• Stocks and Mutual funds
• any other asset with a deferred tax liability

It is not too late to protect your estate.
Pass your assets to those you love, not those you love to hate.