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which has been your princi-

pal residence and is valued.

at $200,000. You also have
an RRSP valued at $200,000.

You may decide to leave the -

cottage to your son and the
RRSP to your daughter.

On the surface, this .ap-
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lustration, let’s assume a 50
per cent tax bracket. Your
son would be the benefi-
ciary. of the cottage and no

tax would be payable be- :

cause it was your principal
residence. However, your
RRSP. would deemed. to
have been deregistered and

-the tax would-have to be
paid. In a 50 per cent tax *
bracket, Revenue Canada

gets $100,000 and your
daughter gets $100,000
while. your: son

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