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PaulD

Tax on gift for home purchase

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PaulD

Hello good and helpful people.

 

Need to sort my tax out.  Received some help from family for house downpayment, wondering how to treat this when filing tax in Canada.  Still learning the ins and out of new tax system.  Anyone dealt with this before and willing to share your valuable experience/insights?

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MaryJane

Lucky you! Don't have someone willing to give me a downpayment for a house as a gift.... ;)

I don't believe there's such a thing as "gift tax" in Canada. Haven't encountered such a line on the tax return. If you are receiving cash as a gift, you do not need to report/include it as income on your Canadian tax return. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/amounts-that-taxed.html

Having said that, I know that some gifts (like property, securities, investments, etc.) do attract taxes (CGT mostly) for the one giving the gift.

Here's some more light reading: https://www.taxtips.ca/personaltax/giftsandinheritances.htm

Hope this helps.

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