NAW Posted June 12, 2011 Report Posted June 12, 2011 (edited) I headed up to my stompin grounds to go camping for the weekend. My family has had a cottage on this lake for almost 70 years. But my wife and I prefer to camp, rather then stay at the cottage. I don't want to get into my family situation to much, but to sum it up.... my grandma has alzheimers, and we aren't sure how long they will be able to keep the cottage. This might be our last year on the lake. We where camping about a 5 minute boat ride from the family cottage, so a few times a day we would go over and hang out with grandma and grandpa. Usually timing our visit with the color of the rain clouds. We had a really nice game of Rummikub during the down poor on Sat... I had to teach them how to play it again, cuz they both forgot!! While we where playing Rummikub, my grandma had mentioned that she hasn't eaten a fish from the lake in over 15 years, and she would really like to taste one again. So this morning when I woke up, I fished hard. My goal was to catch a good clean eating size pike. It was raining in the morning, so I was late getting out. Right off the start, I hit a 20" OOS bass. About an hour later, a small hammar handle.. I was in my 3rd spot for the morning, and was about to move to my 4th. One more cast right!.. 28" pike, perfectly clean, great eating size. It hammared the lure too, and was hooked really bad in the gills. I fried it up at the cottage in my home made breading mixture, and we all had a nice peace. All in all. The weather wasn't great, and the fishing could have been better. But I had a great stress free weekend hanging out with my wife, and grandparents. The total count was 7 pike, and 2 OOS SMB. All the Pike we caught in about 10', with either mepps commet spinner, mepps cyclopse, or a Rapala rattletrap crank. Here are a few other pictures from our campsite. The first one is of my wife, who snuck out in the boat to do a little fishing on her own. Edited June 12, 2011 by N.A.W
Joey Posted June 12, 2011 Report Posted June 12, 2011 Looks like a nice, calm place to be. Sorry to hear about your grandma, that really sucks. It really is a shame when a family cottage is sold. All the memories can never be forgotten tho, so remember them fondly. Joey
irishfield Posted June 12, 2011 Report Posted June 12, 2011 (edited) A great weekend Nick ! I don't want to over step my bounds here.. but before it's too late get your parents to discuss ownership transfer with your grandparents. Sticky part is who has the funds available to cover the tax on capital gain.. but it can be gifted for $2's to your parents or any blood line prior to death and you also won't have to pay any land transfer taxes. The current owner will be on the hook for taxes on 50% of the captial gain from original cost + improvements to date against the assessed value, unless they can manage to escape via principal residence status. After they pass.... it's gonna get tied up in estate value, probate and a tax mess. Better now then then. Edited June 12, 2011 by irishfield
NAW Posted June 12, 2011 Author Report Posted June 12, 2011 A great weekend Nick ! I don't want to over step my bounds here.. but before it's too late get your parents to discuss ownership transfer with your grandparents. Sticky part is who has the funds available to cover the tax on capital gain.. but it can be gifted for $2's to your parents or any blood line prior to death and you also won't have to pay any land transfer taxes. The current owner will be on the hook for taxes on 50% of the captial gain from original cost + improvements to date against the assessed value, unless they can manage to escape via principal residence status. After they pass.... it's gonna get tied up in estate value, probate and a tax mess. Better now then then. The problem is, my grandparents are going to need some serious care in the coming years (nursing home, or long term care facility...). If they sell the cottage for what it's worth, then they'll be set for the rest of their lives. If they give it to a family member, they'll be living in poor conditions, and we don't want that.
NAW Posted June 12, 2011 Author Report Posted June 12, 2011 Looks like a nice, calm place to be. Sorry to hear about your grandma, that really sucks. It really is a shame when a family cottage is sold. All the memories can never be forgotten tho, so remember them fondly. Joey For sure.. This weekend was great for that. It's been about 15 years since I play Rummikib, and had a fresh meal of fish with my grandparents. We even shot the old pellet gun a few times. Very nostalgic.
mercman Posted June 12, 2011 Report Posted June 12, 2011 Glad you had a great weekend with the grand parents. Looks like pretty country up there. Thanks for the report, and enjoy the familly weekends for as long as you can.
irishfield Posted June 12, 2011 Report Posted June 12, 2011 "Gifting" is just a way around paying the added expense of land transfer taxes. If there is a group of family members that can divy in to cover a fair value for the place, to the satisfaction of the majority, it may be worth looking into. I was recently told by my lawyer that the "must live in it for a year" to be principal residence is no longer fact. As long as you attend the residence "from time to time" you can sell any property you own as "principal" residence. A huge improvement to days of old, now that most water front cottages are worth more than your actual permanant residence.
NAW Posted June 12, 2011 Author Report Posted June 12, 2011 (edited) now that most water front cottages are worth more than your actual permanant residence. There's the kicker. My grandma lied about her age to by the property almost 70 years ago. It was something ridiculous like 17 cents a sq ft. I think she ended paying around $700 for 300 feet of water front.. They had it appraised about 10 years ago, and it was $600,000. I'd hate to know what it's worth now. I have a messed up family dynamic, and no one person can afford to give them fair market value for it. I'm just going to enjoy my time with them as much as i can while I still can. When the cottage is gone, I'll have to go play Rummikub in scarborough.. Arrrrgghh... My campsite will always be there, even after they sell the cottage Edited June 13, 2011 by N.A.W
irishfield Posted June 12, 2011 Report Posted June 12, 2011 My campsite will always be there, even after they sell the cottage Probably the most sensible way of looking at it !!
Blue Lk Posted June 12, 2011 Report Posted June 12, 2011 The problem is, my grandparents are going to need some serious care in the coming years (nursing home, or long term care facility...). If they sell the cottage for what it's worth, then they'll be set for the rest of their lives. If they give it to a family member, they'll be living in poor conditions, and we don't want that. My GF works in extended care facilities,it doesn't matter how much $$$$ you got,you get the same care as seniors off the street,they just charge the folks with money a much higher amount.
bigugli Posted June 13, 2011 Report Posted June 13, 2011 I know that spot oh soooo well. It's the picture of paradise in the early morning. Does the pine still sit in the eye of the needle?
NAW Posted June 13, 2011 Author Report Posted June 13, 2011 I know that spot oh soooo well. It's the picture of paradise in the early morning. Does the pine still sit in the eye of the needle? I knew you'd recognize that spot If you're talking about the pine I think you are, then no. It's gone, but there's a bunch more down in the same area. We really need to get out one day for a fish up there!
Rod Caster Posted June 13, 2011 Report Posted June 13, 2011 Thanks for sharing, and well done on providing some fresh fish for the fam!
bigbuck Posted June 13, 2011 Report Posted June 13, 2011 Good for you to spend some time with your grandparents and even better that you were able to catch a fish for a fish fry. Unfortunately, they will be gone soon enough and all you'll have is your memories of them, make sure you have plenty. I miss the 3 that are gone and my grandfather is going to be 99 this year but he has advanced Alzheimers, he is both deaf and blind now and has been in a nursing home for a few years. I hear you when you speak of the family dynamic that makes it difficult/impossible to hang onto the cottage. Wayne gave a couple of good tips for passing down the family cottage to the kids/grandkids. BUT, if CRA decides to call you on it, the principal residence clause can be a very sticky issue, if you bought the property for $1000 and in 50 years it goes up in value to $50 000 and in the 51st year you move in for a year and then sell for $55 000, you are still liable to pay the taxes on the increase of $49 000 from the time it was bought to the time you moved in. It is a bit of a grey area and if biz is slow, the taxman will probably come knocking.
limeyangler Posted June 13, 2011 Report Posted June 13, 2011 Great report NAW, enjoyed reading that....LOL...i hope my wife never decides to sneak off in my boat!!!!
NAW Posted June 13, 2011 Author Report Posted June 13, 2011 Great report NAW, enjoyed reading that....LOL...i hope my wife never decides to sneak off in my boat!!!! I was a little worried the first time she did it a few years back. I hadn't given her a proper lesson in operating the boat yet. It happens all the time now. She still doesn't have her operators card though, so she doesn't go far from the camp, and usually only runs the electric motor.
limeyangler Posted June 13, 2011 Report Posted June 13, 2011 I was a little worried the first time she did it a few years back. I hadn't given her a proper lesson in operating the boat yet. It happens all the time now. She still doesn't have her operators card though, so she doesn't go far from the camp, and usually only runs the electric motor. LOL....i have actually been trying to encourage her to take the helm so to speak....she grew up piloting her dad's 30' boat on Erie, but she hit a rock or something once and they nearly sunk (wooden boat)...she says that puts her off trying. I explained that there is no way she could sink our aluminium with only a 30hp on the back! She was not comforted....lol
misfish Posted June 13, 2011 Report Posted June 13, 2011 I knew I seen that boat before. Great report and good on ya Nick. Thanks for sharing. I get to read the reports at work but dont get to see the pics.
solopaddler Posted June 13, 2011 Report Posted June 13, 2011 Hey I would love it if my wife wanted to sneak off in the boat by herself. I have better odds of simultaneously winning the lottery and getting struck by lightning. All in all looks like a really fun weekend. Nice to see you caught a fish for you grandma.
NAW Posted June 13, 2011 Author Report Posted June 13, 2011 I knew I seen that boat before. That's the Swamp Donkey.. My duck hunting boat. Looks even more sexy with the duck blind mounted on her.
misfish Posted June 13, 2011 Report Posted June 13, 2011 That's the Swamp Donkey.. My duck hunting boat. Looks even more sexy with the duck blind mounted on her. Is that an invite for the fall hunts? LOL Im game.
NAW Posted June 14, 2011 Author Report Posted June 14, 2011 Is that an invite for the fall hunts? LOL Im game. 100%. I go almost every weekend. I love duck hunting. You and I should convince Sinker to show us a few spots! Have a little OFC ducking hunting G2G!
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