Tips for sharing the family cottage
Practical co-ownership advice: usage rules, cost-sharing, and using insurance to fund upkeep or buyouts.
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
Here Cestnick focuses on the practical side of multi-generational cottage ownership. He encourages families to agree on booking rules, guest policies, maintenance expectations, and reserve funding for repairs. The article also touches on using life insurance or other funding tools so that one branch of the family is not forced to sell the cottage simply to pay taxes or buy out siblings.
Why it matters
Most cottage friction is not about the tax act but about unclear expectations, perceived unfairness, or uneven effort.
Cottagr takeaway
Capture your family rules and cost-sharing formulas in a written agreement and reflect those rules directly in Cottagr’s calendar, expenses, and reminder features.
Summary of Tim Cestnick — The Globe and Mail (Tax Matters) — The Globe and Mail