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Mortgage Broker News | 12 Jun 2014, 09:33 AM Agree 0
The cottage real estate market is heating up along with the weather and brokers may be getting more inquiries from clients about purchasing these recreational properties. But are they prepared to answer all the questions?
  • bruce | 12 Jun 2014, 11:59 AM Agree 0
    clarifying - the prin res exemption CAN be extended to the cottage, but you can NOT claim two prin res at the same time if you own another property that you perhaps live in. Depending how values have moved of your cottage and the other property, you can pick and choose which you wish deemed as the prin res. and further you can go back and forth over the years of ownership. BUT AGAIN, NOT AT THE SAME TIME, so the other property would be subject to the gain during the time the one property( ie the cottage) is deemed as prin res Many cottages have jumped in value much more than the home people are living in ( unless they live in Toronto, perhaps!) and deeming the cottage as the prin res can have dramatic tax benefits ( and legally)
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