By gifting the cottage now, you’re able to pay the current tax burden—the tax on capital gains that have accrued from when you first purchased the cottage to the fair market value of the property when you gave it to your child.

How do families share property?

Joint tenancy (also known as joint tenancy with right of survivorship) is a form of joint ownership in which each of the co-owners has ownership interest in the entire property. This means that no specific part of the property is owned by one owner. Instead, they share common ownership of the whole property.

How big is the Prime Minister’s house at Harrington Lake?

The 2.1-hectare property includes four buildings: the main house, the staff cottage, the upper guest cottage and the lower guest cottage. (Fred Chartrand/Canadian Press) Harrington Lake, the official summer residence where Prime Minister Justin Trudeau spent Easter with his wife and children, has been undergoing $8.6 million in renovations.

How old is the cottage at Harrington Lake?

In an email, NCC spokesperson Jean Wolff said the main cottage is 95 years old, and the property hasn’t seen renovations in over a decade. “Harrington Lake has not seen any investment since 2005 when the NCC made critical repairs to the roofing, eavestroughs, piping, electrical, mechanical and structural systems of the property,” Wolff said.

How big is the Prime Minister’s lakeside house?

The 5.4-hectare property includes four buildings: the main house, the staff cottage, the upper guest cottage and the lower guest cottage. A source familiar with the property believes the Trudeaus are not living in the main house, rather one of the cottages based on the pictures Sophie Gregoire Trudeau posted on Instagram.

What makes a property a principal residence in Canada?

1. What qualifies as a principal residence? According to the Canada Revenue Agency any residential property owned and occupied by you or family at any time in a given year could be designated as a principal residence.