Keep Your Cabin in the Family? Here's the Real Cost

Most families think keeping the vacation property in the family is just a matter of writing it into the will. It isn't. When the parents pass, the CRA treats the cottage or cabin as sold at fair market value the moment before death, and the resulting capital gains tax bill can run well into six figures, due before anyone inherits anything.In this episode, I walk through what that deemed disposition actually means for a family vacation property, the fallacies that push families into costly decisions (including one about a 2024 tax change that was cancelled and never took effect), and the planning tools that genuinely work.I also get into something that doesn't get discussed: it's usually the parents who are attached to the property, not the kids. That gap between what parents hope for and what the next generation actually wants or can afford is where a lot of these plans fall apart, and it's worth talking about honestly before it's written into a will.If your family has a vacation property you're hoping to pass down, this one's for you.Full article here.Check out the planning tools.Disclaimer: This content is for general information only andis not legal, financial, medical, or tax advice.