Question: Mike , 7 3 - year - old, owns a cottage near Orillia, Ontario. He acquired the cottage in 2 0 0 5 for

Mike ,73-year-old, owns a cottage near Orillia, Ontario. He acquired the cottage in 2005 for \(\$ 65,000\). It has a current market value of \(\$ 685,000\).1. Calculate the amount of Estate Administration Tax payable on Mike's estate if he died today. 2. Mike doesn't like the idea of that big EAT at death. So, he is thinking of putting the cottage into joint ownership with his two adult children (1/3 each). What are the tax consequences of this transaction? Assume a 40\% tax bracket. 3. What else besides taxes should he consider before transferring the cottage to joint ownership?
Mike , 7 3 - year - old, owns a cottage near

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