Renting out your cottage can be necessary to offset the costs of carrying a waterfront property, which typically has a higher assessed value than a non-waterfront property. This usually means waterfront property owners pay a larger amount of municipal property taxes than the overall Ontario average of $2,800, according to FOCA’s 2022 Economic Impacts of Waterfront Property Households in Ontario report. If you’re considering renting as an option and you’re on the fence about telling your neighbours, Cottage Life’s senior associate editor Alysha Vandertogt has some good reasons why you should and how it could benefit you. Watch the video to find out the best way to broach the subject.
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