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Prior planning can help cottage-owners keep properties in the family
Timely CIBC report outlines expert tax and estate planning strategies to ease the transfer of vacation properties and reduce taxesTORONTO, June 17 /CNW/ - To coincide with the start of summer cottage season, CIBC issued a new report (http://www.cibc.com/ca/features/tax-tips/tax-planning/income-tax-plan.html) today on tax and estate planning strategies for vacation properties by Jamie Golombek, Managing Director of Tax and Estate Planning for CIBC. The report covers a broad range of tax and estate planning issues individuals may encounter when preparing for the eventual transfer of vacation properties and provides potential solutions and strategies for owners to review with their financial advisor. "Recreational properties, such as a cottage, come with their own unique tax considerations, the most important of which may be the tax-efficient transfer of the property from one generation to the next," said Jamie Golombek. "Poor planning can have costly results and - in extreme cases - may force the sale of a property that has been in the family for generations." Despite the current economic uncertainty, cottage-owners can help secure their family legacy by consulting a professional and planning ahead. Golombek's report explores income tax, estate and probate-fee planning, including the use of life insurance, joint ownership and trust strategies. The report also contains helpful tax-planning information for U.S. properties as well as other important issues. "When it comes to planning transfers and inheritances, it's important to be proactive and seek professional tax and estate planning advice," adds Golombek. "Cottages are often full of memories of time spent together as a family and prior planning can help ensure those memories are preserved for generations to come." To read the full report, please visit www.cibc.com. CIBC (CM: TSX;NYSE) is a leading North American financial institution with nearly 11 million personal banking and business clients. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and around the world. You can find other news releases and information about CIBC in our Press Centre on our corporate website at www.cibc.com.
For further information:
For further information: Media contact: Doug Maybee, Director, External Communications and Media Relations, (416) 980-7458 or doug.maybee@cibc.com