Incorporation

I had a brief conversation with my lawyer Glen Smith about incorporation and its costs. He thinks it is a reasonable idea, among others (could go the way of partnership as well - pros and cons to everything).

The costs would be incorporation fee ($1200 - $1500), land transfer tax ($7000), and yearly renewal ($150) and tax return, and capital gain tax (50% of net value after expenses/improvement costs - this can be lowballed by us so long as we stay under the radar of the CRA). The latter will have to be paid by our inheritors regardless, unless one buys insurance for them. I have already done this because I can't be sure if or when they would be able to afford this. Pay now or pay later, so I consider that a wash.

It is the fees which are the add-on to the status quo, but are the price for providing our inheritors with a structure to deal with future governance. Glen has dealt with a number of fights over properties purchased by a group of buddies 60 years ago (hunt camps) that are now owned by disparate collections of individuals who are unable to work things out, and are without such structures that would make things much easier.