Canada has no gift tax on cashCash given to your children or grandchildren won’t be taxed. That’s why many families choose to “gift” money to their heirs in the present, rather than leaving it in a will. Other styles of gifts are taxableTaxable gifts include real estate and farms, investments, and RRSPs. And investing in an heir’s business needs to be carefully evaluated to ensure the business has a strong plan, and isn’t doomed to fail. In the same conversation, ask about the specific tax consequences with various types of gifts so that there are no surprises.

Source: thestar October 15, 2019 03:56 UTC