Family gift (cash) - tax implications
Jan 28th 2012, 3:13 pm
#1
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Family gift (cash) - tax implications
Hi,
We are tax residents of Canada. A family member may send us a gift of approx $50,000 to help with a house deposit. Are there any tax implications with regards to this - must I declare it?
Thanks,
Wolst
We are tax residents of Canada. A family member may send us a gift of approx $50,000 to help with a house deposit. Are there any tax implications with regards to this - must I declare it?
Thanks,
Wolst
Jan 28th 2012, 3:43 pm
#2
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Joined: Oct 2008
Location: the GTA
Posts: 3,824
Re: Family gift (cash) - tax implications
No. I believe, if there are tax implications, it would be for the gifter not the giftee.
Jan 28th 2012, 4:16 pm
#3
Joined: Sep 2008
Posts: 12,830
Re: Family gift (cash) - tax implications
There is no gift tax in Canada on cash unless it is from an employer.
Best to keep records of the gift in case you get audited and CRA ask you to prove its source.
Tell your relatives I am open to adoption.
Best to keep records of the gift in case you get audited and CRA ask you to prove its source.
Tell your relatives I am open to adoption.
Jan 28th 2012, 5:15 pm
#4
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Location: Chilliwack BC
Posts: 559
Re: Family gift (cash) - tax implications
We had a similar thing last year when OH's mum sent us money to help with our house purchase. No tax paid (and we did discuss it with our accountant beforehand).
Jan 28th 2012, 9:48 pm
#6
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Joined: Nov 2008
Posts: 40
Re: Family gift (cash) - tax implications
If they bring it over in a briefcase or stuffed in their pants they should declare to customs that they are carrying over $10,000 otherwise risk getting it confiscated.
