Go Back  British Expats > Living & Moving Abroad > Canada
Reload this Page >

CRA tax implications of a monetary gift?

CRA tax implications of a monetary gift?

Old Dec 31st 2018, 8:03 pm
  #1  
BE Forum Addict
Thread Starter
 
Hurlabrick's Avatar
 
Joined: Apr 2013
Location: London, ON
Posts: 2,485
Hurlabrick has a reputation beyond reputeHurlabrick has a reputation beyond reputeHurlabrick has a reputation beyond reputeHurlabrick has a reputation beyond reputeHurlabrick has a reputation beyond reputeHurlabrick has a reputation beyond reputeHurlabrick has a reputation beyond reputeHurlabrick has a reputation beyond reputeHurlabrick has a reputation beyond reputeHurlabrick has a reputation beyond reputeHurlabrick has a reputation beyond repute
Default 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).
Hurlabrick is offline  
Old Dec 31st 2018, 10:31 pm
  #2  
PMM
Lost in BE Cyberspace
 
PMM's Avatar
 
Joined: May 2004
Posts: 9,708
PMM has a reputation beyond reputePMM has a reputation beyond reputePMM has a reputation beyond reputePMM has a reputation beyond reputePMM has a reputation beyond reputePMM has a reputation beyond reputePMM has a reputation beyond reputePMM has a reputation beyond reputePMM has a reputation beyond reputePMM has a reputation beyond reputePMM has a reputation beyond repute
Default Re: CRA tax implications of a monetary gift?

Hi

Originally Posted by Hurlabrick
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).
1. No, there are no gift taxes in Canada.
PMM is offline  
Old Jan 3rd 2019, 12:05 pm
  #3  
Just Joined
 
Joined: Jul 2018
Posts: 10
essexlad69 has a reputation beyond reputeessexlad69 has a reputation beyond reputeessexlad69 has a reputation beyond reputeessexlad69 has a reputation beyond reputeessexlad69 has a reputation beyond reputeessexlad69 has a reputation beyond reputeessexlad69 has a reputation beyond reputeessexlad69 has a reputation beyond reputeessexlad69 has a reputation beyond reputeessexlad69 has a reputation beyond reputeessexlad69 has a reputation beyond repute
Default 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.
essexlad69 is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.