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cottage

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Cottage

2025 06 12

  • kitchen fridge 24 x 60

Inheriting

  • Cottage was appraised at $1,155,000 in 2017.
  • From Doug 6/11/2025 
        Yes, your heirs get the appraised basis at the time of your death as their basis. 
    But, your estate pays capital gains on the difference between the basis you got from Mom and the appraised basis (value) at the time of your death.  Establishing your basis via documents may be necessary.  It was with Bruce’s estate. 
    Plus your estate will pay a “transfer tax” based on the appraised value at the time of your death in addition to  capital gains.   No basis or deductions. 
    Bruce’s transfer, legal fees, accountants and taxes of all kinds has cost $18,000 USD so far, and I think it is done, but he only owned it for less than 2 years. 
    To pay capital gains you need to file a tax return and write the check on a Canadian bank.
    Plus his was a “foreign owner” estate.  Another reason to tell you “it’s complicated” and take a bit more of your money.

2 - 1123 PLEASANT VW PT RD CON D PT LOT 31 in The Township of Muskoka Lakes Roll # 445304002204100.0000

Bunkie

  • refrigerator is 28w x 56h
cottage.1749761791.txt.gz · Last modified: 2025/06/12 20:56 by donald