My_question_is: Applicable to Another Jurisdiction or Multi-jurisdictions
Subject: Income Tax
Expert: taxman at centa.com
Date: Tuesday November 21, 2006
Time: 09:46 PM -0500
QUESTION:
I live in Canada as a Land Immigrant (Permanent Resident) since 2003.
My father wants to anticipate his WILL.
The amount is large to buy a small house.
If the money is transfered into my savings account in Canada and the I buy
the house, do I have to pay taxes on this amount received as Will?
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david ingram replies:
Any amount you receive as a gift is not taxable in Canada. Occasionally,
someone will receive an inheritance (from a will) which is taxable such as a
pension paid from CREF or TIAA.
It sounds like your father is still alive so a will has nothing to do with
it unless you know he is dying in a few days, weeks or months and "are"
anticipating an inheritance under the terms of a will rather that a gift in
anticipation of what you would have received.
Even in eh US where there is gift tax, a gift from a non-US citizen or
non-US resident does not incur gift tax.
----------------
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