Many Canadians spend the long Thanksgiving Weekend closing up the summer vacation home. Putting boats away for the winter, shutting down water lines and cleaning out fridges and cupboards to keep the mice away through the winter.
Family cottaging is a great Canadian tradition - one that many people inherit from their parents or even grandparents. If you are in line to inherit a family cottage, you should be talking to your parents now about their intentions and your desires. Passing down a family cottage or vacation home to children can become very complicated and, if not handled properly, can lead to sibling rifts and family breakdowns.
Cottage owners need to get professional financial, tax and estate advice to ensure their wishes about the cottage are handled cost-effectively and as fair as possible to all the beneficiaries. If you are hoping to inherit the family cottage, you should be going to the meetings with your parents' advisors to ensure all these issues are covered:
Remember, as with most financial issues, the key to success is early planning and open communication.
Content on this site is provided for information purposes only and is not guaranteed to be current, accurate or complete. Information herein is subject to change without notice and 1832 Asset Management L.P. is not responsible to update this information, nor does it accept any responsibility for any loss or damage that results from any information contained on this site or accessed through other sites to which this site is linked.