Nothing says escape like going to your cottage on the water with your family for a few weeks. Now that your children are all grown up and going to the cottage seems more of a burden than a relaxing experience, you’ve decided to sell it.
You may think that any capital gains on your property are exempt but in the early 80’s the rule of double principal-residence exemption was eliminated. If you are to sell or transfer your property, you may be subject to pay tax on any capital gains.
The assumed rate on capital gains is 26.7% in Ontario. So, any sale today is subject to capital gains less any adjusted cost base (ACB). The ACB is any fees pertaining to the sale or any capital improvements you’ve made to the property over the years.
You may consider transferring your property to a family member, but because it is a transfer of an asset, it is still considered a deemed sale which will cause you pay tax on the capital gains, since all sales have to be reported to the CRA and this is not your principal residence.
This is general comment, and you should contact Tax Partners for any questions by sending an email to [email protected] or (905) 836-8755.
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