gift tax in Canada?

andychen_canada · Post by **andychen_canada** » Thu Sep 03, 2009 3:44 pm

I transferred my title of real estate property to my brother, does he or me have any gift tax return issue in Canada?

Both of us are Canada citizen, and I am non-resident of Canada.

Thank you so much!

nelsona · Post by **nelsona** » Thu Sep 03, 2009 7:39 pm

If you are US resident YOU have gift tax to pay in US. He does not, in either US or canada.

andychen_canada · Post by **andychen_canada** » Thu Sep 03, 2009 9:38 pm

If I am a resident of Canada, does it have any gift tax issue related with Estate tax?

Thanks!

nelsona · Post by **nelsona** » Fri Sep 04, 2009 6:20 am

If you file a 1040 you are subject to gift tax.

You said you were non-resident of Canada.

andychen_canada · Post by **andychen_canada** » Fri Sep 04, 2009 9:26 am

Sorry make you confused. I mean if I was a canada resident, do I have any canada gift issue realted to canada estate tax? For the portion of US gift tax, I know. What I want to know is the Canada portion. I want to do some tax planning for further gift issue.

Thanks!

nelsona · Post by **nelsona** » Fri Sep 04, 2009 9:57 am

There is no gift or inheritance tax in canada, regardless of where you live, and regardless whether you give or recieve the gift.