There are a number of matters relating to tax, estate planning, and family harmony to consider before doing this. On the tax side, although it might be possible to claim the cottage as your principal residence so as not to attract capital gains tax on resale, it would not be the principal residence of each person on title and therefore on resale, capital gains tax will be applicable for those who cannot claim such exemption. Also, depending upon who dies first and who is entitled to the exemption, the others might have to fund payment of the tax without the sale of the cottage. On the estate planning side, if you take title as joint tenants with your children, as each person dies, the survivors take the title. If nature takes its course and the elders die first, the cottage would be left in your children’s names as joint tenants, which would likely not be their preference. They would likely want their interests to be held as tenants in common, to be distributed on their deaths through their own estates. If one child were to die before the other and the property is still held jointly, one child’s heirs (your grandchildren) would not receive the inheritance that you might have wanted. On the family harmony side, parents lose control when a child goes on title with them. Co-tenancy agreements might become necessary if various family members wish to use the cottage at the same time and maintenance costs should be allocated fairly among owners and users. If children are on title, the equity in the cottage would be available to the child’s creditors should the child get into debt. If a child’s marriage dissolves, that child’s interest in the cottage goes into the child’s net family property for divorce property settlement purposes. Moreover, if the divorce is particularly contentious, the child’s spouse might block a sale of the cottage pending settlement, which could be a disaster if the sale is needed to fund a surviving parent’s nursing home requirements, for example. Although holding title to property in joint tenancy with children can save probate fees upon your death, the relative limited savings may not be worth the problems that could ensue.