Question

I was gifted a $100G from my father. Even though I don’t pay taxes on it, do I still have to claim it? If so where?

Forum|Forum|4 years ago
April 18, 2022
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No, Canada has no gift tax, and it also means you don't need to report the money. It is not taxable as income or deductible as an expense.

For more information, please see our TurboTax article link as Tax Tip: If I Give Cash to My Kids, Is It Tax Deductible in Canada?

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