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How to Keep the Family Cottage in the Family: Strategies to Incorporate Now to Reduce Capital Gains Tax When You’re no Longer Here

How to Keep the Family Cottage in the Family: Strategies to Incorporate Now to Reduce Capital Gains Tax When You’re no Longer Here

Many Canadians love their family cottage and expect to pass it on to the next generation. But the rising value in real estate can offer a real problem that may make it impossible for the legacy of the cottage to live on. As a secondary residence, capital gains tax kicks in and can be substantial, but there are ways to minimize the impact.

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