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| *The Commerce Journal>>>Canada Taxes |
Tax on monetary gifts in Canada.? |
If I was to be given $20,000 by my mother apart from being very lucky, would I have to declare that on my income tax return this year and if so at what rate will it be taxed bearing in mind that it is post tax money having already been taxed in my mother's hands, albeit in the UK? In the UK there is a 拢7000 per year allowance which you can say is a tax free gift. I can't see anything similar in Canada but hope that it exists. Any advice would be useful please. The money your mother given you is after tax dollar. It is up to her to do whatever she wants to do with it. It would not be taxable on your part (you do not have to declare it on your tax return). However, if you invested the $20,000 dollars and earn interest on it, the interest would be taxable on your part. |
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