Wouldn't it be great to move closer to the Grandkids?
Posted by Kathy Gordon on
For many seniors aged 60-75, the idea of relocating closer to their grandchildren can be an exciting prospect. Being able to spend more time with family and create lasting memories with loved ones can be incredibly fulfilling. However, before making the move, it's important to consider the financial implications, especially in relation to Canadian tax laws.
One important aspect to consider is the potential capital gains tax that may apply when selling a cottage property. When selling a second property, such as a cottage, capital gains tax may be applicable on any profits made from the sale. It's important for seniors to understand how this tax works and how it may impact their financial situation.
Another consideration for seniors who split their…
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