CRA tax implications of a monetary gift?
Dec 31st 2018 | 8:03 am
#1
Thread Starter
BE Forum Addict
Joined: Apr 2013
Posts: 2,485
From: London, ON
CRA tax implications of a monetary gift?
My wife's mother is now in her 80's and is pretty insistent about gifting a reasonably substantial sum to my wife (possibly £GBP10k-ish). This would be from her own high interest savings account, so would not be due any tax in the UK.
Are there any tax implications we should be aware of from a CRA point of view? We are both now officially non-UK resident for tax purposes (we both have NT tax codes).
Are there any tax implications we should be aware of from a CRA point of view? We are both now officially non-UK resident for tax purposes (we both have NT tax codes).
Dec 31st 2018 | 10:31 am
#2
Lost in BE Cyberspace
Joined: May 2004
Posts: 9,707
Re: CRA tax implications of a monetary gift?
Hi
1. No, there are no gift taxes in Canada.
My wife's mother is now in her 80's and is pretty insistent about gifting a reasonably substantial sum to my wife (possibly £GBP10k-ish). This would be from her own high interest savings account, so would not be due any tax in the UK.
Are there any tax implications we should be aware of from a CRA point of view? We are both now officially non-UK resident for tax purposes (we both have NT tax codes).
Are there any tax implications we should be aware of from a CRA point of view? We are both now officially non-UK resident for tax purposes (we both have NT tax codes).
Jan 3rd 2019 | 12:05 am
#3
Just Joined
Joined: Jul 2018
Posts: 10
Re: CRA tax implications of a monetary gift?
From a cash perspective their is zero taxes owing, had the gift been a capital gift, then attribution rules may apply, depending on the valuation of the capital asset at the time of gifting.
