Capital gains & Family Pains

Capital Gains and Family Pains

Written by Anthony vanLieshout, a top 1% REALTOR® nationwide!

Family dynamics are often volatile at the best of times. But when you throw in the possibility of taking away the cherished family vacation spot into the mix, you are dropping a match on a pile of tinder. Families often think “this won’t happen to us!” – But, I assure you that it does more often than not.

One experience comes readily to mind for all the wrong reasons. My client called me saying “I’ve decided I’m going to sell the cottage, Anthony.” So I go out and appraise the property and get all the paperwork ready. She calls me back, all distraught. “I don’t think I can sell the cottage. The kids are going nuts on me! Ballistic! Like, they are really mad! They’re, ‘How dare you even think of selling the cottage? You can’t sell the cottage! That’s where we grew up!’” My client found herself treading lightly in an emotional minefield. Her adult children ended up bullying this poor woman so much that not only did she not sell the cottage, but she ended up giving the cottage to her children! Keep in mind, along the way the kids hadn’t contributed anything toward the upkeep of the cottage, the insurance, the taxes, the maintenance. They wouldn’t even pay the requisite Capital Gains that became owing when the cottage changed hands. In fact, not only was she left with no financial gain from passing the cottage on, but faced a staggering hundreds of thousands of dollars in Capital Gains tax because she hadn’t prepared for this scenario.

I don’t want the above scenario to happen to you, which is why I am offering this FREE Handbook to help you navigate the world of capital gains and family pains!

Anthony Vanlieshout<br />
Broker of Record, CRA
Anthony vanLieshout, Broker of Record, CRA

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Trillium Team
Trillium Team