4 TAX CONSIDERATIONS TO MAKE WHEN BUYING A COTTAGE AS YOUR SECOND HOME

If you are planning to spend some time with your loved ones this summer, buying a cottage as your second home may be on your mind. As many real estate investors have been asking…
This week’s video, I will disclose the tax considerations you need to make when buying a cottage as your second home!
If you have any questions or thoughts after watching this video, leave a comment below, and I’ll respond as soon as possible.
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DISCLAIMER:
Tax planning is a personalized decision and will depend on your situation, priorities, and risk tolerance. Consult with your own legal and tax advisors to ensure you get the best advice personalized for you.
The information contained in this video is for general information purposes only.
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[@forc3s646]

Thanks for the info, I have a few inquiries and would like to educate myself about this topic. What is the best way to reach you Cherry?

[@RealEstateTaxTips]

Hi, my team can be reached at 416-548-4228 or [e-mail]. All the best.

[@11511mido]

Can I hold active and inactive realestate in the same corporation? I want to start building homes and selling them along with my rental holdings.thanks

[@RealEstateTaxTips]

Yes absolutely. The only downside is 1) financing 2) you may not be able to claim capital cost allowance on your long-term rental.
If you need further help, make sure you reach out to our office to get a proper consultation so we can assist you further.

[@watiet1967]

If the cottage bought as join tenancy between spouse and it was rented as short term, how does HST for small supply apply to this? Will the 30k limit apply for each person?

[@RealEstateTaxTips]

It is one business... not each person unfortunately.