MomDad Posted February 8, 2023 Report Share Posted February 8, 2023 Hi All. Am I able to make a cash gift to my adult children living on their own? Is tax payable to either party (me or my children) and is there an amount limit that can be given? Only a one-time gift or can it be multiple gifts during the year / over the years? Thanks. Quote Link to comment Share on other sites More sharing options...
Geo123 Posted February 9, 2023 Report Share Posted February 9, 2023 Hello Mom Dad, There is no "gift tax" in Canada. Any resident of Canada who receives a gift or inheritance of any amount, except from an employer, or as a tip or gratuity due to their employment, will not have to include this in their income. Amounts that are not reported or taxed : 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 Regarding limits you should be aware of Attribution Rules. Please consult with a tax advisor or the CRA on this issue. Quote Link to comment Share on other sites More sharing options...
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