How to Keep the Family Cottage for Future Generations—Without the Tax Burden
Imagine this: Your family cottage, the place where generations have gathered for summer barbecues, fishing trips, and fireside stories, suddenly becomes a financial burden that your kids can’t afford to keep. It happens more often than you’d think.
When ownership of a cottage transfers to the next generation, a hefty tax bill comes due. Depending on how long it’s been in the family, this tax can be hundreds of thousands of dollars—money your kids or grandkids may not have on hand.
Some families are forced to remortgage or even sell the cottage just to pay the tax bill. Others struggle to cover annual property taxes and maintenance costs, slowly watching the dream slip away.
There’s a More Beneficial and Affordable Way to Handle This
A well-structured life insurance policy can provide the funds needed to cover the tax bill when the time comes, ensuring that your family never has to sell the cottage just to keep it. You can even add an extra fund to cover ongoing property taxes and maintenance, making it easier for future generations to keep the cottage in the family.
This isn’t just about money—it’s about preserving your family’s legacy. A few simple steps today can ensure glorious sunsets, s’mores over the campfire, and a family cottage that stays in the family for generations to come—and it’s much more affordable than the alternative.
Wouldn’t it be worth knowing how this works for your family—even if you couldn’t take advantage of it today? If you’d like to see what this could look like for you, let’s connect.
P.S. Keeping the family cottage or other investment property in the family is a hot topic!
Check out Alan Carter’s interview with Andy on Global News Radio 640 Toronto to learn more.
Andy Kovacs helps business owners and families achieve financial security. Featured in The Globe and Mail, Cottage Life Magazine, CTV, and Radio 640 Toronto, his expertise stands out. He believes offence makes the highlight reel, but defence wins championships—ensuring you’re ready for life’s financial moments of truth.
He is also President of Moments of Truth Insurance Services, a Sun Life advisor, and proud sponsor of the Markham Board of Trade’s Breakfast Networking Series.
🌐 www.sunlife.ca/andy.kovacs ☎️: (289)-818-1741 📧: andy.kovacs@sunlife.com
Andy Kovacs
President, Moments of Truth Insurance Services | Sun Life
