Canadian tax professionals warned that cash and assets that are not intended to be spent when the parents are alive can be given to the children to save tax.
Many people do not realize that there is no gift tax in Canada. So, if cash is given to children, grand children or anybody, it will not be considered as income by tax authorities and thus will not be taxed.
Tax and asset planner Jamie Golombek said, "If you want to give them CAD 1 million, you don't need to report to any place. It will not appear on their tax forms and thus will not be counted as income." ...Login to see the whole story
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