North Country Business January 2009 5
LCBO to move to south end
LCBO, Sobeys and
wider array of products. larama and grocery store will standard store that they need-
To be open by July 2009, be at the northern end, near ed to upgrade. And the
Canadian Tire
the new 10,000 sq. ft. space the intersection of Talisman LCBO . . . are in a sub-stan-
will allow the LCBO to stock Drive and Edward Street. dard store. The plan of the
among tenants
more wine, beer and spirits. “Once we finish building community was to make the
The new LCBO will be the shell part of the build- south end connect to the
By Matthew Sitler joining a 40,000 sq. ft. ings, then the tenants go in downtown to make it one
Gravenhurst’s south end Sobeys grocery store, a and they have to do up all continuous street, so the
shopping development has 10,000 sq. ft. Dollarama and their fixtures and shelving whole street would be con-
added more tenants to its list a 44,000 sq. ft. Canadian Tire and then add stock,” says sidered downtown and won’t
of occupants, bringing the store that has an attached Otis, who predicts his work be broken up.”
30-acre site one step closer 10,000 sq. ft. Mark’s Work will be complete by the Seven footprints remain
to reality. Wearhouse. spring. and developers are still seek-
The LCBO recently Brian Otis, of the Otis “Sobeys and Canadian ing retailers. When complete,
announced it will relocate its Group of Companies, says Tire are building their own the property is to include a
existing 6,000 sq. ft. Graven- Canadian Tire will be located stores and they were naturals mix of restaurants, retail
hurst store to a full service
WINTER WORK: The structure of the new
at the site’s most southerly for that site,” he adds. stores and commercial devel-
store that will include a point, while the LCBO, Dol- “Canadian Tire had a sub- opments.
Gravenhurst plaza is close to being complete.
Planning ahead is essential for cottage succession
By Catherine Duso current market value – a consider giving it to your ben- estate is settled. Catherine Duso, BBA, CFA, an
Whether you call it a cot- “deemed disposition.” The eficiaries sooner than later. Cover the tax bill with an investment advisor with RBC
Smart
tage, chalet, camp or cabin, it’s capital gain on this deemed Assuming property values insurance policy Dominion Securities Inc.
your family’s special place to Money disposition is taxable. ‘ will always rise, this will trig- The most common way for Member CIPF. Insurance
relax. But keeping the cottage
By Catherine Duso
The following example ger a taxable capital gain from property to be passed on to the products are offered through
in the family from one genera- shows how there can be a the appreciation of the proper- next generation is through a RBC DS Financial Services
tion to the next isn’t always as $68,512.50 tax bill in 2008 on ty to date. The tax is payable in bequest made in your will. Inc., a subsidiary of RBC
easy as it might seem.
worth a few hundred thousand
a cottage purchased for only the year the gift is made. How- When your property is Dominion Securities Inc. When
Reduce taxes
dollars today. Even property
$5,500 in 1977. ever, it should be a much bequeathed to anyone other providing life insurance prod-
When you pass along your
bought within your lifetime
Deemed disposition in smaller capital gain than the than your spouse, it triggers a ucts, Investment Advisors are
cottage, you are also passing
might have experienced this
2008: $310,000 one that would be triggered in taxable capital gain, which acting as Insurance Represen-
along a potentially large tax
type of exponential growth.
Minus purchase price in the future, assuming the prop- your beneficiaries may not be tatives of RBC DS Financial
bill. Depending on their finan-
This increase in value can
1977: $5,500 erty increases significantly in able to afford. However, you Services Inc. Please consult
cial situation, your beneficiar-
result in a very large, taxable
Total capital gain: $304,500 value. Any future gains will be can cover this tax bill through a with a professional advisor
ies may be forced to sell the
capital gain, which is triggered
Capital gains taxable (50% taxed in the names of your life insurance policy, which before taking any action based
family cottage simply to cover
when you pass along the prop-
of total): $152,250 beneficiaries, when they sell it provides a sum equal to the on information in this article.
the taxes. There are two main
erty to anyone other than your
Taxes payable at 45% mar- or give it away at a much later expected tax bill when your Catherine Duso can be
types of tax to consider: capital
spouse, including your chil-
ginal rate: $68,512.50 date, and won’t be included in estate is settled. reached at 705-645-2695 or
gains taxes and probate taxes.
dren. However, there are sever-
Gift the property ahead your final tax return when your This article is supplied by catherine.duso@rbc.com.
Capital gains taxes
al ways to address this tax bill,
of time
If your cottage has been in
and even reduce or defer it.
Simply giving your cottage
the family for many years, its
Calculating capital gains tax
to your intended beneficiaries
value has probably increased
When you pass along your
ahead of time is one way to
Phone: 705.646.9021
dramatically. The property
cottage to anyone other than
defer future capital gains taxes. www.muskokasmallbusiness.ca
your family bought for a few
your spouse, the government
If you expect your cottage to
thousand dollars might be
views it as having been sold at
significantly increase in value,
Survey Records of
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