Hello:
I would like to have your input on the following:
I am a canadian non-resident working in HK, I want to
gift some money to my 20 yrs old son for him to buy a
condo and save the rent money. He is a student.
What are the tax implications for him and for me if
any? Should a tax accountant be involved. My son will
fully own the condo and sublet one room.
Thank you for your reply
-------------------------------
david ingram replies:
As long as it is truly his condo and not "really"
yours, there is no tax implication for you as far as
Canada is concerned.
However, if it is really your condo and you are just
putting it in his name and if it was sold you would get
the money back plus any profits, you better talk to me
or someone else who knows the rules first.
Answers to this and other similar questions can be
obtained free on Air every Sunday morning.
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Snyder of Dundee Wealth Management and I, David Ingram
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