Form T1135 Foreign Income Verification Statement must be filed when a Canadian taxpayer answers 'yes' to the question "Did you at any time in the year own specified foreign property valued at over $100,000 (CAD)?" Watch: Foreign Property and the T1135 However, some real estate is considered exempt from this question, and therefore doesn't trigger [...]
Parents want the best for their kids, and that often extends to giving away some of their assets in order to help their adult children get established in life. But while Canadian tax law renders gifts exempt from tax for the receiver, they can be taxable for the giver due to rules around capital gains. [...]
When two siblings share an inheritance, their best intentions to redistribute the property can backfire and trigger unnecessarily high taxable capital gains. When their mother died, Troy and Karl were joint beneficiaries of her will and inherited the lakeside cottage she'd lived in for the past 30 years. Troy lives out of province and would [...]
As a general rule, inherited property is non-taxable in Canada. At the time you receive your inheritance, you don't need to report its value on your return at all. But be warned: that doesn't mean that there are no tax consequences and nothing you need to do.
When parents want to give their kids cash, the tax implications depend on whether the money is considered a gift, or payment.
