RE:RE:RE:RE:RE:RE:!!!!!!!!!!!,,,,A SLICK Video........From TruDOPE !!!!!!!!!! You are dead wrong, for starters if you gift your cottage to your children you are still required to pay capital gains. The cottage is accessed at the time of the gift and you pay the capital gains on the difference in what you paid. If you just bought land like I did and built the cottage yourself you get no deductions for your labour and pay capital gains on the full value minus only the cost of the land and your materials.
Cottages can become principal residence but you still have to pay capital gains on the difference of price when you bought and when it becomes your principal residence.
I'm far from wealthy and and this is going to effect me financially