transferring funds to spouse

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alexf
Posts: 8
Joined: Fri May 04, 2012 10:10 pm

transferring funds to spouse

Post by alexf »

Hi, sorry in advance if the answer to this question is blindingly obvious. I am a dual US/Canadian citizen; my wife is a Canadian citizen. My wife just withdrew a bunch of money from a non-registered account and a TFSA to purchase a cottage property. In retrospect, I probably should have just paid for it, but the easily-accessible money seemed to be in these accounts at the time, and so, that's what we did. However, now we'd like to begin back-filling those accounts. Am I able to transfer her money from my accounts that she can use to back-fill her accounts (both the non-registered and the TFSA), without generating extra tax liabilities for either of us. I'm specifically worried here about generating tax liabilities for me on the US side since I do not have any non-registered accounts, or a TFSA, because of the administrative hassle they create.

Thanks!
nirvana_1959
Posts: 63
Joined: Fri Mar 18, 2016 9:17 am

Re: transferring funds to spouse

Post by nirvana_1959 »

I think you should be able to "gift" ~$150K / year to your non-citizen spouse without incurring any tax.
nirvana_1959
Posts: 63
Joined: Fri Mar 18, 2016 9:17 am

Re: transferring funds to spouse

Post by nirvana_1959 »

The above statement holds true from IRS perspective.

For CRA: I don't think it should be a problem (as long as you have record of withdrawals from her accounts). For TFSA you will have to wait till Jan 1 if you don't have room now. Note: withdrawal does create room right away.
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