Skip to main content

Your little cabin in the woods can net some serious cash during the summer rental season.

Fred Lum/The Globe and Mail

Despite the pesky mosquitoes, the endless upkeep and the hours on the highway, Canadian cottage owners are inevitably enamoured with their patch of wilderness. With vacation property prices soaring, the family cottage might be the only one your kids - and perhaps theirs - will ever own.

So it is no wonder that trying to find a financially-viable way to hand down the family cottage is a challenge. "There are few things in the family that can cause more emotional angst than the cottage," says Globe Investor tax columnist Tim Cestnick.

In his most recent columns, Mr. Cestnick explains how it is possible to own your family cottage in a trust rather than owning it directly in your own name and then offers seven hints for holding a cottage in trust. He will continue to address the cottage succession issue in this week's column, which you can read here on Thursday.

Story continues below advertisement

Mr. Cestnick, who is also the president and CEO at WaterStreet Family Office, answered your cottage succession related questions in an online discussion. To view a transcript, click on the Cover It Live box below. Mobile users click here.



<iframe src="http://www.coveritlive.com/index2.php/option=com_altcaster/task=viewaltcast/altcast_code=c5b6f67cba/height=650/width=460" scrolling="no" height="650px" width="460px" frameBorder ="0" allowTransparency="true" ><a href="http://www.coveritlive.com/mobile.php/option=com_mobile/task=viewaltcast/altcast_code=c5b6f67cba" >Cottage succession discussion</a></iframe>


Report an error Editorial code of conduct
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

Cannabis pro newsletter