Cash Gifting Canada
- Dec . 24 . 2007 | admin in category: Uncategorized |
- Leave a Comment
Do I have to pay tax on cash (house payment) received from parents?
If my parents give me money to purchase a house (let’s say they pay half of house price but the house title is under my name), do I have to pay tax on the money receive from them, or do my parents need to pay tax on the money they gifted to a child?
I understand that in US one cannot gift an individual more than $10,000, otherwise he needs to pay tax. What about in Canada?
If your parents’ money was used to buy a house you live in as a principal residence, you or your parents do not have to pay taxes on cash (house payments) recd from your parents.
On other other hand, if their money is used to buy a rental property under your name, the prorata share of income earned from the rental property may be attributd back to them (meaning that they have to pay taxes on the shared income, if they are cdn residents). If they are non residents, the attribution rules of section 74.1 of the cdn income tax act wouldnt apply.
|
|
Sony Playstation Network Card – 20 $19.95 The Sony Playstation Network Card can be used to download games, movies, and more from the Playstation Store. In the past, a credit card was required for purchases from the Playstation Store. With the new Playstation Network Cards, users can shop the Playstation Store without needing a credit card. These cards can be used in the Playstation Store on both the PC and the online browser of the Playst… |
