DO I HAVE TO PAY TAX IF I WIN A COTTAGE?
No. Lottery winnings in Canada are considered windfalls.
DO I HAVE TO LIVE IN THE COTTAGE FOR A YEAR IF I WIN IT?
No. The moment you take title of your new cottage, it’s yours to do with as you wish. You can move in, sell it, rent it – whatever you choose.
IF I WIN A COTTAGE WHAT DO I HAVE TO PAY FOR?
As a Princess Margaret Cottage Lottery property winner, you are awarded your new cottage free and clear of any encumbrances.
WHAT ABOUT LAND TRANSFER TAXES? REAL ESTATE FEES? LEGAL FEES?
We want our cottage winners to be happy, so land transfer taxes, real estate fees and legal fees for title transfer are paid for by the Princess Margaret Cottage Lottery.
WHAT ARE MY COSTS AFTER I TAKE POSSESSION OF MY NEW COTTAGE?
After you take the title of your new cottage, you would be responsible for the usual costs associated with cottage ownership.