07/31/2026
The family camp: a treasured gift, or an unexpected burden?
It is July, which means many families across Northern Ontario are spending their weekends by the lake at the family camp. For most, this property is far more than real estate. It is where summers are spent, traditions are built, and generations come together.
It is also one of the most complicated assets we discuss in estate planning.
Many parents dream of keeping the camp in the family and passing it to their children. What they may not picture is the capital gains tax, the ongoing costs, the disagreements between siblings, or the honest question of whether their children actually want the property, can afford it, or are prepared to own it together.
Consider a camp purchased 50 years ago for $50,000 that is now worth close to $1 million. That increase in value can create a substantial capital gain, and many families no longer have the receipts for the improvements that could reduce it. Transferring the property to children now, in the hope of avoiding probate, often triggers that tax during your lifetime instead, when your retirement savings are still needed to support you.
The real questions are not simply who should inherit the camp. They are:
Do the children genuinely want it, and do they all want it equally?
Can they afford the ongoing costs?
Where will the money come from to pay the eventual tax?
If one child wants it and the others do not, can the estate be balanced using other assets or life insurance?
The good news is that tension and hard feelings are not inevitable. With early conversations, careful planning, and the right structure, whether that is an updated Will, a shared ownership agreement, an equalization strategy, or a life insurance policy, the camp can remain the gift you always intended it to be.
While everyone is gathered together this summer, it may be the perfect time to start the conversation.
Read the full 10 minute guide: link in our bio!
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