In my first blog in this three part series on transferring the family cottage, I discussed the fact you can only designate one property as a principal residence per family after 1981.
Blunt Bean Blog, continues the series on estate planning issues surrounding the family cottage.
In my final blog installment of this series, galaxy gift swensen I will summarize the income tax planning options available to transfer the family cottage.
Since the establishment of the Missouri chapter of the House Rabbit Society in 1994, we have saved over 2,000 rabbits in the Kansas City Metropolitan area.Its a beautiful way to send an guilt is the gift that keeps on giving evening out to those who matter to you.Whether a gift or transfer of the cottage is made during your lifetime, or the property transfers to your children through your will, you will have the same income tax issue, a deemed disposition with a capital gain equal to the FMV of the cottage.This deemed capital gain must be reported on the terminal (final) tax return of the deceased spouse/partner.Keep gift cards personal by making a custom gift card for anyone in your life.In my opinion, other than buying life insurance to cover the income tax liability, most strategies are essentially ineffectual income tax wise as they only defer or partially mitigate the income tax issue.The keys are attached to the house, so they won't get lost, and the sturdy handle allows this exciting house party to go wherever children go!This toy does not provide protection.Then choose the amount for your gift card - redeemable at any Moxies across Canada.However, upon the death of the surviving spouse/partner, there will be a deemed capital gain, calculated exactly as noted above.So, are there any strategies to mitigate or alleviate the income tax issue noted above?Alternatively, where a cottage is not transferred during one of the parents lifetime and the cottage is left to the surviving spouse or common-law partner; there are no income tax issues until the death of the surviving spouse/partner.The Missouri House Rabbit Society hosts fun informational Bunny Briefings every month.Fun is at the door of this wooden doorbell house, with four electronic doorbell sounds, four unique locks with matching keys, and four pose-able play people are included with this charming cottage!Four doors open on durable hinges.Includes four play people!
Batteries required: 2 x AAA (not included) plus (included not included).
Choose or take a photo and apply it to their card for a gift that makes an impression.