Cottages: Tax Free Tricks & Legacy Tips
I’m not sure if you are on “the twitter” as we like to call it in the office. Most of our Management Team and active young sales people at Homelife Realty Abbotsford & Mission use twitter casually and for fun. But this months featured blog topic regarding summer cottages got me thinking about my approach to that social media site. The way I use twitter is as a place I can relax and escape from real life for a brief moment, much like a trip to a family lake side cottage in the summer. Infact my Twitter handle (that’s my User Name) pays homage to my families legacy property my grand father built in the late 60’s up at Green Lake in 70 Mile House: My Twitter handle is @GreenLakeLife (follow me for fun mortgage and real estate info if you like, I will follow you back!) and my handles is my attempt to share with people on twitter what my idea of fun and relaxation is to me.
The life style we enjoy at our cabin is one that you would expect. Fun, Sun, Water and Cold Drinks. Maybe a quick water ski in the morning OR an afternoon quad ride through the year around trails that are mapped out and marked all around the lake. This, of course, is topped off with camp fire and s’mores. We love it!
That being said, cottage properties bring all sorts of interesting challenges for families. -How do you share cottage time fairly with family members in those premium summer months? -Can we afford to buy a cottage OR get a mortgage to help build one?? Are there tax implications I should be aware of owning a cottage property?? How do I afford to maintain the property / is the legacy really worth it???
Well since I have unique experience with these properties I am always willing to sit down with Homelife Clientele and share my tips and tricks – Give me a call for more info from a guy who has delt with a family cottage for over 40+ years. Below is some interesting facts about cottages including a podcast with tips to save on taxes when transferring properties down a generation or selling it!
- In a research note, Bank of Montreal economist Sal Guatieri says that the number of permits issued for cottages in the last year is just 335, around 10 per cent of the number being built in the 70s. Although sales have been lower since the turn of the century, so has construction and as the demand has picked up since the recession and the cold winter, supply is now an issue. Read the full story.
- Most cottage owners split time between their regular home and their cottage – this can give them a tax opportunity when selling or transferring to the kids. Claim it as your regular home any given year to avoid taxes according to this podcast. Check out the Podcast for more indepth information.
- Here is a BC top 10 reason to own a family cottage: Top 10
300 – 3303 Immel St. Abbotsford BC V2X 5Y1
1 – 32540 Logan Ave Mission BC V2V 6G3
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