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Oakville Beaver | Thursday, July 13, 2023 | 30 insidehalton.com ATTENTION/ READERS: Strawberry, Moose Tracks or Vanilla? What’s your favourite ice cream flavour? COMING SOON! We all have a favourite ice cream flavour. Whether it’s one that takes you back to your childhood, or one you now like to eat right out of the carton with a spoon, we want to know what it is! Over the course of several weeks these flavours will go head-to- head in our next Sizzlin’ Summer Playdown. Cast a vote to see your favourite advance to the next round. Starting July 20th! SCAN THE QR CODE TO GET UPDATES FROM OUR LAST SNACK DOWN AND SEE WHO WAS: CROWNED THE ULTIMATE ROAD TRIP SNACK! INSIDEHALTON.COM e%e *, metroland TB MONEY MATTERS AS ONTARIO COTTAGE PRICES PLUMMET, HERE'S HOW TO KEEP YOUR LITTLE PIECE OF HEAVEN IN THE FAMILY SRIVINDHYA KOLLURU As youload up the car to head to the lake, there's no better time to think about the legacy of your cottage —_— and how, with the right financial planning, you can keep itin the family for generations to come. While a for cones es have bee! across Ontario, een to the 2023 RE/MAX Cot- tage Trends Report, the re- port also found that more than 50 per cent of people who own or plan to buy a cottage said the chance to pass it down to family was a key motivator in buying. The biggest mistake people make when succes- sion planning for their cot- tage is waiting basa long, says Robert Co! gional vice president of wealth management at Meridian. Have those fam- ily talks early, he says, and then review them annual- ly. Coruzzi emphasizes creating "a budget that comes to life," a document that can be reviewed and updated monthly depend- ing on ci which allo tirement will look like with those expenses," says Coruzzi. This way, your kids wine know the costs of tak: r the cottage, including : ‘associ. ation fees, maintenance and utilities. imate can be a factor ans, says RE/MAX Canada president Christo- pher Alexander. “Weather patterns can be a lot harsher in cottage areas," he says, adding that families should factor in higher heating costs for the winter. FACTOR IN MANAGEMENT FEES There are other costs unique to a cottage, says Alexander, such as septic tank cleaning and dock d if long- term plans involve rent- ing, there are different costs associated with that, ce management fees. Robin Dillane, a mort- gage broker with Halibur- ton Mortgage Services, has noticed a rise in short- term rentals and says it's important to have the right insurance. And make sure you're working witha local insurance company, she adds. The same applies to mortgage brokers and real estate agents j ifyou eventu- ally plan t "I see a vot of clients come to the area who are used to looking at mort- Dreamstime photo The key to successful succession planning for the family cottage is to not wait until the last minute, experts say. gages in a larger market, like the GTA," says Dil- lane, "What you really need to do is focus on work- ing with a local represen- tative because we have ex- can help you figure out the best way to pranstor afam ly cottage is crucial, s: Alexander. “There are capital gains associated with transfer- ring a cottage while you're alive," says Alexander. “Family trusts are an op- yn many people use be- cause it locks in your tax rate on capital gains. I just encourage people to ex- plore them all and pick the one that best suits their needs." The bottom line: Don't wait until the last minute to start planning the fu- ture of your family cot- tage.