Asked
A very close friend of mine just got an inheritance and is going to gift me some $, I think I $10K. Are there tax implications if you receive a gift of $10K? Would it be better for the amount to be $9999 or receive it in two $5K instalments? I don't want to take a hit on this!
Clint’s answer
If it is a cash gift, there will be no financial consequence.
Any cash deposits over $10k will be reported to FINTRAC to see if they would like to follow up. This is ultimately to suss out fraud and terrorism, so if neither of those apply to your situation AND it is a cash gift, and not a property gift, then the tax consequences are nil.
Congrats on the gift!
November 19, 2024
From Ask Clint: real questions from a Canadian public finance forum, answered by Clint Cole. Names are changed. This is general information, not advice for your situation, and rules and dollar figures may have changed since Clint answered. Terms