Gift Tax Exemption

nelsona · Post by **nelsona** » Sat Nov 17, 2012 10:34 am

But a spouse is a cuurrent spouse. English is my first language.

So it is spouse OR former spouse.

nelsona · Post by **nelsona** » Sat Nov 17, 2012 10:36 am

So, to recap, our posrter, for cdn tax purposes MUST elect a disposition upon transfer to his spouse -- his current live spouse -- , or his transfer is tax deferred.

JGCA · Post by **JGCA** » Sat Nov 17, 2012 11:35 am

Yes, I agree but remember if for gift tax he has to use FMW and use up his unified tax credit then he should elect under sec 69 the general provision for gift tax at FMW in Canada too and use up his cap gains exemption so the wife gets the bump up in ACB.

nelsona · Post by **nelsona** » Sat Nov 17, 2012 8:10 pm

Exactly.

mtnman · Post by **mtnman** » Sun Nov 18, 2012 1:44 am

phew....what a discusion !

I think I got it.....thanks so much to both of you.