Passing on the Cottage: A Guide for Families

After years of enjoyment, people often reach a point where they no longer have the desire or capacity to maintain a second property. Deciding how, and to whom, to transfer one’s cottage isn’t an easy process.

Whether you’re the cottage owner or the next generation that will inherit, this guide is designed to help you and your family decide what succession options will work best for you. From direct ownership to creating a trust to selling to a third party, both emotional and practical sides need to be considered when creating your plan.

Here are some of the insights that this guide can provide:

  • How to have open and effective family conversations
  • The pros and cons of various succession options
  • An explanation of capital gains tax and the principal residence exemption
  • The elements to consider for shared ownership agreements
  • When to seek professional advice

Our goal is to help families have constructive conversations that lead to solutions that everyone in the family is comfortable with. Enjoy the read!

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