Thursday, February 26, 2015

Keeping the Dream Safe: Effective Tax Planning Surrounding the Family Cabin

Paper presented at Tax Issues in Real Estate Transactions (Vancouver, BC)
Pacific Business and Law Institute Conference

This paper discusses how to best deal with a cabin as part of an estate plan and provides guidance to help owners avoid potential pitfalls and traps for the unwary. The paper examines the following questions.

  1. Who should own the family cabin?
  2. Can a cabin qualify for the principal residence exemption and, if it does, should it? In other words, is wise to claim the exemption for the family cabin instead of the family home?
  3. What tax issues arise when a cabin is held by a trust?
  4. What tax issues arise if the family starts to rent out the cabin?

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The above article provides general commentary of an educational nature. It does not constitute advice for any specific person or any specific set of circumstances. Because circumstances vary, readers should consult professional advisers in order to obtain advice that is applicable to their specific circumstances.