A cottage succession story to learn from
Illustrates how trusts such as Joint Partner Trusts can manage cottage succession and defer taxes.
Summary of Tim Cestnick — The Globe and Mail (Tax Matters). The Globe and Mail. Read the original.
Summaries are for educational purposes. All rights to original articles remain with the publisher.
What it covers
Using a case-study approach, Cestnick illustrates how trusts, including joint partner trusts, can be used to hold a cottage for the benefit of a family over time. He shows how these structures can help manage incapacity, provide continuity of control, and defer or smooth tax events, provided that the trust is properly drafted and administered.
Why it matters
The default path—leaving the cottage directly to multiple heirs without a structure—can create administrative headaches and conflict at difficult times.
Cottagr takeaway
Consider trust-based ownership where the family wants long-term continuity and clear rules around use and control. Ensure the operational rules in your trust align with the everyday practices you manage through Cottagr.
Summary of Tim Cestnick — The Globe and Mail (Tax Matters) — The Globe and Mail