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 taxes
    

    TORONTO, 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


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