Tax Brief: Sometimes, When Giving a Gift, the Taxman Will Want Some Too
Understanding the various types of gifts and their treatment by the CRA, will enable you to be aware how to gift the maximum amount possible to others, while potentially reducing the tax consequences. The two main types of gifts are classified as either “inter-vivos” (gifts made during your lifetime) or “testamentary” (gifts made upon death). In either case, the party giving the gift may expose themselves to tax liabilities. Issue: Clients are seeking ways to pass on wealth t
Sometimes, When Giving a Gift, the Taxman Will Want Some Too
Understanding the various types of gifts and their treatment by the CRA, will enable you to be aware how to gift the maximum amount possible to others, while potentially reducing the tax consequences. The two main types of gifts are classified as either “inter-vivos” (gifts made during your lifetime) or “testamentary” (gifts made upon death). In either case, the party giving the gift may expose themselves to tax liabilities. Issue: Clients are seeking ways to pass on wealth t
