Originally Published by The TaxLetter Vol. 27, No. 7, July 2009   www.adviceforinvestors.com

Summer memories Keeping the family cottage in the family Eileen Reppenhagen, CGA

During the dog days of summer many of us will be sitting at a cottage or vacation property and remembering good times. In many cases the property may have been in the family for decades or longer and enjoyed by parents, children and grandchildren over many years. With those good times, take some time to plan for the not so good times – namely when the taxman comes calling. Vacation properties are considered “personal use property” under the Income Tax Act. Assuming that the property is for ...  Signup for The TaxLetter and read Eileen's full article every month

Eileen Reppenhagen, CGA, ACG, Certified QuickBooks ProAdvisor, and Honorary Member of the Institute of Professional Bookkeepers of Canada, writes and speaks about accounting and tax.  She is a regular contributor to Canadian MoneySaver, The TaxLetter and Intuit Canada’s Advisor Advantage.  All articles are copyright protected.  Most articles are not available for re-print unless you obtain permission from third parties.  Please respect copyright. For more information or permission to re-print please contact  eileen@taxdetective.ca If you obtain permisison to re-print an article, include this tagline:   "Eileen Reppenhagen, CGA is a Certified QuickBooks ProAdvisor and speaks and writes about accounting and tax.  Contact her at www.taxdetective.ca".