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Answered in 3 hours by:
8/30/2011
VerifiedDebra Thal (username) :
There is no tax on gifts in Canada.
Debra Thal (username) :
There could be tax consequences but that would not be because it's a gift and the person receiving the gift would not be taxed.
Debra Thal (username) :
But if this is from a family member and this gift earns income the family member would most likely have to pay tax on the income and not that individual who received the gift because of tax attribution rules.
Debra Thal (username) :
Let me know if you need further clarification.
Customer:
Can you explain what the tax consequences may be in more detail?
VerifiedDebra and 87 other Canada Law Specialists are ready to help you
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