QUESTION:
Are all gifts or inheritance not taxable, regardless the amount?
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david ingram replies:
There is no gift tax or inheritance tax in Canada and for 95% (not a genuine
figure, my guess) there is nothing of consequence in the USA either because
the every day person is not going to leave amounts that are liable for
inheritance tax and the gift tax rules are easy to circumvent if the gift is
a modest amount or less than $11,000.
However, in cases where a wife, minor child or disabled child is the
beneficiary of an RRSP, the RRSP will be taxable when withdrawn. And if a
wife receives the rollover of a capital property, there will be taxable
capital gains when and if she sells the property or stocks or art work or
antiques or summer cabin, etc.
Answers to this and other similar questions can be obtained free on Air
every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, I, david ingram am a
permanent guest on Fred Snyder of Dundee Wealth Managers' LIVE talk show
called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the internet
at
www.600AM.com <http://www.600am.com/>
Call (604) 280-0600 to have your question answered. BC listeners can also
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Callers to the show and questioners on this board can also attend the
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David Ingram's US/Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Res (604) 980-3578 Cell (604) 657-8451
(604) 980-0321
New email to davidingram at shaw.ca <mailto:davidingram at shaw.ca>
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<http://www.david-ingram.com/>
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