Gift from foreign relative.

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

Moderator: Mark T Serbinski CA CPA

Post Reply
coco1106
Posts: 80
Joined: Sun Jan 20, 2019 3:40 pm

Gift from foreign relative.

Post by coco1106 »

My Canadian mother inlaw will gift my husband $50,000 cdn dollars next year ( approx $38,000 us dollars)
She said it will a check, and we plan on depositing it into our TD canada bank account.

we are dual citizens usa/cdn,........ by that time would have relocated to Canada,

would this gift have to reported on our returns , the gift was received by a US person (my husband) and was given by a foreign person (mother).

Or would it be better if we received it will we are still USA residents, mom said the gift is available in May, we plan on relocating July /august.
nelsona
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Gift from foreign relative.

Post by nelsona »

As long as it is less than 100K US per year there is nothing to report in either country for either the 'gifter' or the recipient.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
coco1106
Posts: 80
Joined: Sun Jan 20, 2019 3:40 pm

Re: Gift from foreign relative.

Post by coco1106 »

Thank you.

Mom said she will issue a check to my husband , we just intend on depositing the funds into our TD canada acct.
Post Reply