We came across a detailed article, “How to Gift Money to a Family Member or Friend in Canada” which answers many common questions about the practice of giving or receiving money.
https://www.springfinancial.ca/blog/save-invest/how-to-gift-money-to-family-member-or-friend-canada
Topics such as restrictions on gifting, the amount you can gift, potential taxes, important differences between Canada and the U.S., as well as the differences involved in gifting through a Will are discussed. We hope you find the information valuable and please consult a tax professional before taking any actions.
We appreciate your referrals. Thank you.
Your CommonWealth Team
