Passing down the family vacation property
Tax & estate planning for your vacation property
June 1, 2021
Jamie Golombek and Tess Francis, Tax and Estate Planning, CIBC Private Wealth Management
Summer is a great time to enjoy a vacation property with family and friends. With real estate values increasing significantly in the past year, and notably so for vacation properties, it’s also a good time to do some estate planning for the potential transfer of your cottage, chalet or cabin1 to future generations. This report will focus on tax and estate planning strategies for Canadian vacation properties.2
1 We generally refer to a vacation property as a cottage in this article.
2 For U.S. vacation property planning, please see our report “Your US vacation property could be quite taxing” which is available online at: www.cibc.com/content/dam/personal_banking/advice_centre/tax-savings/us-vacation-property-en.pdf.
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