Giving your cottage to a family member? - Tax Tip Weekly

Do you own a cottage that you are looking to sell? Maybe you should consider giving it to a family member instead. In this video, I talk about the tax benefits that you can take advantage of if you do decide to give the cottage to somebody in your family.

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https://www.youtube.com/watch?v=w9eIQ5Avmos

Timeline:
00:43 -- Claim the principle residence exemption
01:00 -- Maximize the adjusted cost base
01:30 -- Consider selling the cottage to your family at the fair market value
01:40 -- spread the payments owed to you over a five year period
02:22 -- Leave your cottage to your spouse in your will

Disclaimer:

The information provided in this video is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided in this video.

Видео Giving your cottage to a family member? - Tax Tip Weekly канала Allan Madan