U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > World Forums > Canada
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 09-09-2016, 07:17 AM
 
34,381 posts, read 41,471,780 times
Reputation: 29863

Advertisements

The wife and i are starting to realize we have way more than enough money for the two of us for the rest of our lives and would like to give/donate/gift our 22 and 26 year old daughters $50K each,what is the best way to do this without the government taking half the money as earned income when they file their income tax next year?.
We are in Quebec.
Reply With Quote Quick reply to this message

 
Old 09-09-2016, 08:06 AM
 
Location: Gatineau, Québec
21,947 posts, read 27,354,178 times
Reputation: 8603
If you want to make a third gift, please make your cheque out to "Acajack"!
Reply With Quote Quick reply to this message
 
Old 09-09-2016, 11:02 AM
 
Location: Canada
4,699 posts, read 8,490,868 times
Reputation: 4888
Quote:
Originally Posted by jambo101 View Post
The wife and i are starting to realize we have way more than enough money for the two of us for the rest of our lives and would like to give/donate/gift our 22 and 26 year old daughters $50K each,what is the best way to do this without the government taking half the money as earned income when they file their income tax next year?.
We are in Quebec.
I'm not an accountant, but I'm pretty sure gifts of after tax income between private individuals are not taxable and do not need to be declared as income, because they aren't.
Reply With Quote Quick reply to this message
 
Old 09-09-2016, 03:28 PM
 
Location: Vancouver
12,690 posts, read 8,753,261 times
Reputation: 7304
Quote:
Originally Posted by jambo101 View Post
The wife and i are starting to realize we have way more than enough money for the two of us for the rest of our lives and would like to give/donate/gift our 22 and 26 year old daughters $50K each,what is the best way to do this without the government taking half the money as earned income when they file their income tax next year?.
We are in Quebec.
There is no gift tax in Canada. There isn't even a place on income tax forms for such gifts. I have personal experience in this, as my mother did the same to her children.
Reply With Quote Quick reply to this message
 
Old 09-09-2016, 08:48 PM
 
34,381 posts, read 41,471,780 times
Reputation: 29863
So we will just give them the cash and on their next years income tax they dont mention it?
Reply With Quote Quick reply to this message
 
Old 09-09-2016, 09:20 PM
 
Location: Canada
4,699 posts, read 8,490,868 times
Reputation: 4888
Quote:
Originally Posted by jambo101 View Post
So we will just give them the cash and on their next years income tax they dont mention it?
Yup. Haven't reported gifts I have received.
Reply With Quote Quick reply to this message
 
Old 09-09-2016, 10:39 PM
 
Location: Victoria, BC.
30,883 posts, read 31,769,092 times
Reputation: 12628
Quote:
Originally Posted by jambo101 View Post
So we will just give them the cash and on their next years income tax they dont mention it?
That is correct....I gave my five grown kids 200k each this spring when I sold my business...I'll have to pay some capital gains tax on the sale of the business, but there are no tax implications for the kids.

There is also no inheritance tax in Canada.
Reply With Quote Quick reply to this message
 
Old 09-10-2016, 03:51 AM
 
34,381 posts, read 41,471,780 times
Reputation: 29863
Thanks
Reply With Quote Quick reply to this message
 
Old 09-10-2016, 03:39 PM
 
Location: Vancouver
12,690 posts, read 8,753,261 times
Reputation: 7304
Quote:
Originally Posted by jambo101 View Post
Thanks
One of the benefits of living in Canada! ...and oh, what a nice father you are ...hmmm, or mother?? I've always thought of you as male....


http://www.taxtips.ca/personaltax/gi...heritances.htm

Another tip that you may or may not want to do, is after one you passes, make one of your children joint on everything. Accounts, investments and property. When you go, then it just becomes theirs ( to follow the will of course ) and avoids probate and other issues.

Check with a financial advisor first of course, before doing anything.
Reply With Quote Quick reply to this message
 
Old 09-10-2016, 08:09 PM
 
34,381 posts, read 41,471,780 times
Reputation: 29863
Quote:
Originally Posted by Natnasci View Post
One of the benefits of living in Canada! ...and oh, what a nice father you are ...hmmm, or mother?? I've always thought of you as male....

The decision to advance the girls some of their eventual inheritance was my wifes idea, as one is now residing in Vancouver and taking a post graduate degree and the other wants to move to Vancouver and do the same we thought it better to give them a whole whack of money rather than asking us for money on a regular basis.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > World Forums > Canada
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top