gift cottage estate planning

Thinking of buying a cottage during COVID-19? This blog is for you!

gift cottage estate planningThe COVID-19 pandemic will leave significant damage to many sectors of the Canadian economy in its wake. One sector that appears to be not only escaping this damage but thriving during the pandemic, however, is the cottage real estate market. Cottage sales have actually surged in recent months. Many speculate that this has much to do with the COVID-19 pandemic itself. An increased number of people are now able, and sometimes encouraged, to work remotely which makes extended stays at the cottage that much easier. Also, lengthy periods of quarantine in urban centres have sparked a desire in many for an increased connection with more rural landscapes.
We have blogged on issues relating to cottage ownership several times in the past and thought it would be helpful to those considering the purchase of a cottage during COVID-19 to have the links to many of these blogs in one place.

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family law stittsville

Canadian Neighbours Go To Battle Over Maple Tree

What could be more beautiful than a Thanksgiving weekend in Canada? Our maple trees are truly spectacular during this “Fall Rhapsody” time of year. And what could be more Canadian and fall-ish than a battle over a maple tree?

family law stittsville
A legal battle over a maple tree?! How very Canadian and season-appropriate!

A recent case (Allen v. MacDougall) before the Ontario Superior Court of Justice involved two neighbours in a dispute over a maple tree. The tree in question was growing on the shared boundary line between the neighbouring properties.

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Keys to a Stress-Free Closing Day

estate planning lawyer stittsvilleAre you buying or selling in Ottawa this year? Our clients have been sharing their stories of multiple offer situations and houses being sold for well over asking. Surely not a situation for the feint of heart. There are some ways that you can make your buying or selling experience, particularly for the day of closing, go as smoothly as possible.
As a buyer, Closing Day is the day when you finally receive the keys to your new, or ‘new to you’, house, and when you provide the funds for the amounts owing towards the purchase of the house. As a seller, Closing Day is associated with moving out of the place you called your home for some period of your life and receiving the equity you have built up and possibly paying off one or more mortgages secured against the property.
For both sellers and buyers, Closing Day, and the days leading up to the big day, can be confusing.

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estate planning lawyer stittsville

Changes to the Principal Residence Exemption

estate planning lawyer stittsville
Do the changes to the principal residence exemption affect you?

The Senators in the playoffs, temperatures in the twenties, and tulips beginning to bloom…we think it is safe to say that spring has finally and truly arrived in Ottawa (although our friends to the west who have yet to put away their snow shovels may not agree). Another sure sign of spring is the bustling spring real estate market. This brings to mind changes to the principal residence exemption which were announced by the federal government last fall.
Generally speaking, when a capital property such as a home or cottage is sold, an individual is taxed on the increase (or ‘gain’) in the value of the property. The gain is calculated from the date it was acquired by the individual to the date it was sold. However, if the property disposed of qualifies as the individual’s principal residence, he or she can take advantage of the principal residence exemption to reduce or eliminate any taxes owing on the capital gain.

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