You should update this video to March 2024 when Cnd govt enacted the Bare Trust act and backdated it to 2023 that made joint bank acts etc reportable and requires a T3.
U cant double tax either. If money was already earned and taxed, giving it away means it cannot be taxed again. Regardless of what any financial or tax person says. Double tax is not allowed. Same with money you put into a savings account. If earned and taxed already, it is free from any retax.
Hi Darius, I could not find a video where you presented the topic of gifting real estate. What is the title of the video or do you have the link? Thank you very muh.
Thank you Mr. Muica, in case: 1. the parents had the money before arriving in Canada 2. the money is aboard 3. the parents have not declared the money to CRA Does anyone have to pay tax when transferring the money (wire transfer)?
Based on my experience, when emigrating to Canada a long time ago, n in a form,it asked if you r bringing in money from abroad in the near future , I answered yes n when I transferred into Canada,there’s no tax implication until it earned interest. Best is to check with CRA to b sure.
I think giving a million $$ in cash will presents more questions from the banks. There’s nothing to hide if it’s in writing as in the Deed of Gifts ,that’s to protect both giver n receiver in case of audit. JMO
Thanks for the great content as expected I just have a question in regards to receiving a large cash gift from a wealthy family member overseas say over a million USD wire to you, do you have to declare taxes on that? Any rules or clarifications would be greatly appreciated, Thank you
I think whether it’s local or overseas,receiving of money gifts shouldn’t be taxable,only when the million dollars earning interest then the interest is taxable
There is no law limiting the amount that you can give your children each Christmas ( that I am aware of). I have been helping my children financially through for years and now their children. I am very happy to be able to do for them what my parents did for me. Charity begins at home.🇨🇦👨🦳👍
For most people, they want to know whether a gift has tax implications. He talks a lot about marriage breakdown implications, which pales in comparison to the threat of taxation, plus interest, in my opinion. He does say a gift is not taxable but should have specified that income earned by a gift to a minor would be taxable to the donor, with interest in some cases.
As a parent I want to gift money from primary property that was sold, is there a limit to what I can transfer daughter and son-in-law for their home to be paid off? Will they be taxed? They are both over 30. Thank you for good content
Not sure about the son-in-law but for sure you can gift money to your adult child without tax consequences. That said, people get divorced, have you considered the consequences of that? Your son in law would wind up the beneficiary of a portion of these funds if that happened. Consider placing a mortgage on the property if it’s a large amount.
@@davidhughes6048lets presumed they were given $500K to pay off the mortgage ,so instead n based on your suggestion,the wife decided to put the $500K in her account n still carry the existing mortgage. In case of the divorce, the $500K will b divided too,isn’t it? So there’s no benefit to your suggestion, am I wrong?
@@KayDav-q3z I’m not a divorce lawyer, but yes, I believe you are wrong. For canada at least, “Inherited funds are considered separate property as long as the funds are kept separate during the course of marriage”. So if wife keeps inherited funds in a separate account, likely no problem. If the funds are used to pay down a joint debt, however, then that is where problems can arise as the spouse would have a claim to the increased equity in the mortgage-free matrimonial home. The purpose of “gifting” funds with a mortgage attached is to ensure that the funds must be repaid if the home is sold so the equity does not pass to the “other side” but returns to the parents who could then gift it to their newly divorced child.
parents giving money to children is normal and usual, there is no need to have any reasons, I wonder why a deed of gift is required, a parent may be giving money to children many hundred times throughout their life, are they going to made many hundred deed of gifts. surely there are exceptional cases which you mentioned and that applies.
Canadians are taxed to death , none of these tax dollars go to pay of deficits , way to much goes to interest on the debt , Canada has had the most wasteful government ever in the past 9 year's , making it impossible for the younger generation to ever own anything . Vote wisely people !
the executor of an estate is responsible for relieving any debt first, before distributing assets. Failing to do so could make the executor liable for the debts. When possible, it can be appropriate to use life insurance (which is tax free to the beneficiary) to compensate for any debt obligations that must be met by assets first.
In 9000.00$ increments ❤ that's how my grandpa did it and was 0 problem, aways stay under the 10000.00$ the magic number for the bank and Revenue Canada and do before death there are different rules after death. Hope this helps have a good day.
Hi Darius, if a elderly widow has a TFSA and has named son as Beneficiary, I understand that when the person dies has a will and named her son as Beneficiary the funds do not have to be included for Probate Tax in Ontario, BUT ARE THE FUNDS TAXED AS INCOME and included in the FINAL INCOME TAX FILING for the deceased person and form part of the Estate?
No only if there is an rrsp or rif where taxes are deferred until you take it out. Those would need to be included in the final income tax of deceased.
@@peterkratoska4524 This is correct, and I will add that proceeds from a RRSP or RRIF generally do not have to pass through probate either- this assumes a proper beneficiary has been established. If the beneficiary is the deceased's estate then RSP/RIF assets WILL go through probate. Everyone should ensure their beneficiaries are up to date to avoid any un-needed probate fees.
A question: What are the implications of bequeathing gold bars to heirs? Upon my passing, can my heirs receive gold bullion without any taxes on my capital gains? If I give 1 gold bar, will an heir receive 1 gold bar?
As long as you are paying any applicable capital gains on the gold bars when you bequeath them then you can do this whenever you like. You will pay the tax, the recipient will receive the whole gold bar.
Hi, I need it ur advice, does my daughter or son can gift to father or Mather for gifted money for 2nd property down payment ?. Does CRA will ask daughter or son where that gifted money came ur source. Thks
Buy life insurance with that money and leave it to your kids. Its tax free. Tax Free. Tax Free. Tax Free. Tax Free. Tax Free. Tax Free. Tax Free. Tax Free.
I bought a joint life Insurance policy to leave my kids money. I will pay approximately $30k from age 60 to around 90 and it will pay out $100k , over 3 times what I paid, I'd say that's a great return on investment 👍
@@sharky6128 What type of life insurance is that? I have heard that, if someone dies naturally, not in an accident or with chronic disease; the insurance company keeps the primer money and never pays a dime back? Please educate me. Thanks
Don't gift it directly to them. Leave it in an account in your name, give them a card and access or establish a joint account and be done with it. The only thing to avoid is the worthless government.
This is terrible advice. If you die, the account in your name (or a joint account) is immediately frozen and becomes part of the estate. Then it has to go through all the process of the inheritance, which means that money can be used to pay taxes or depts, or be disputed by other inheritors. It does the exact opposite and exposed it to the gouvernement. The best is to write a check and gift it and never look back
@@Popincourt-or4cfdoesn't matter if he watched the video or not, what he said was true. In Canada family members can give each other money, regardless of the amount. I just gave my daughter $50,000 to help in the purchase of a home. But the reason i gave her the money doesn't matter. I didn't buy the home or anything like that. Simply transferred the money from my account to hers. Bank confirmed with me it was indeed my choice to transfer it and i or they weren't being "scammed", processed the transaction in less than a minute, and out the door i went. No cost, no muss, no fuss. And no lawyer or "investment consultant" taking a percentage or fee for a useless and unneeded piece of paper/contract. The CRA has no knowledge of the arrangement, and if i or anyone else told them about it they wouldn't care and wouldn't even make a note of it on any file of mine or my daughter’s. This video is intended to get people to "think" they need some sort of legal protection that is non existent, in order to make money from people for unneeded services.
You should update this video to March 2024 when Cnd govt enacted the Bare Trust act and backdated it to 2023 that made joint bank acts etc reportable and requires a T3.
This is a very useful video - thanks for sharing!
Wow! This was timely and a huge help. We are just about to go through this. This is a huge help. Thank you so much.
U cant double tax either. If money was already earned and taxed, giving it away means it cannot be taxed again. Regardless of what any financial or tax person says. Double tax is not allowed. Same with money you put into a savings account. If earned and taxed already, it is free from any retax.
Sales tax is a double tax.
Try telling that to Trudeau. .
@@nobody3692 it's only allowed if you gift the money to Trudeau personally
Until you spend it.😢
Things are double taxed constantly in our system.
Hi Darius,
I could not find a video where you presented the topic of gifting real estate. What is the title of the video or do you have the link?
Thank you very muh.
Transfer the title of the real estate to the recipient.
Thank you, very informative.
Thank you Mr. Muica, in case:
1. the parents had the money before arriving in Canada
2. the money is aboard
3. the parents have not declared the money to CRA
Does anyone have to pay tax when transferring the money (wire transfer)?
2. The money is a board. A piece of wood.
Based on my experience, when emigrating to Canada a long time ago, n in a form,it asked if you r bringing in money from abroad in the near future , I answered yes n when I transferred into Canada,there’s no tax implication until it earned interest. Best is to check with CRA to b sure.
Thanks very much, so helpful. Does this also apply to crypto?
how about some ingift to the child received from abroad in form of cash?
Never in writing and always in cash.
100%
I think giving a million $$ in cash will presents more questions from the banks. There’s nothing to hide if it’s in writing as in the Deed of Gifts ,that’s to protect both giver n receiver in case of audit. JMO
Your great! Thanks for the education!
Hey . . . .You own a great ? Cool.
You're illiterate.
Thank you.
Thanks for the great content as expected I just have a question in regards to receiving a large cash gift from a wealthy family member overseas say over a million USD wire to you, do you have to declare taxes on that? Any rules or clarifications would be greatly appreciated, Thank you
damn lucky to have a family member like that lol
I think whether it’s local or overseas,receiving of money gifts shouldn’t be taxable,only when the million dollars earning interest then the interest is taxable
There is no law limiting the amount that you can give your children each Christmas ( that I am aware of). I have been helping my children financially through for years and now their children. I am very happy to be able to do for them what my parents did for me. Charity begins at home.🇨🇦👨🦳👍
❤
Thank you so much.
For most people, they want to know whether a gift has tax implications. He talks a lot about marriage breakdown implications, which pales in comparison to the threat of taxation, plus interest, in my opinion. He does say a gift is not taxable but should have specified that income earned by a gift to a minor would be taxable to the donor, with interest in some cases.
Your link is for a gift deed from an estate after death. Is there one for a situation when the person giving the gift is still alive?
Do you have tax advice to best avoid taxes structuring a trust with crypto assets.. Hope I've worded this correctly..
You really should state that giving any amount of money in Canada requires no document whatsoever. The key word is requires.
As a parent I want to gift money from primary property that was sold, is there a limit to what I can transfer daughter and son-in-law for their home to be paid off? Will they be taxed? They are both over 30. Thank you for good content
Not sure about the son-in-law but for sure you can gift money to your adult child without tax consequences. That said, people get divorced, have you considered the consequences of that? Your son in law would wind up the beneficiary of a portion of these funds if that happened. Consider placing a mortgage on the property if it’s a large amount.
@@davidhughes6048lets presumed they were given $500K to pay off the mortgage ,so instead n based on your suggestion,the wife decided to put the $500K in her account n still carry the existing mortgage. In case of the divorce, the $500K will b divided too,isn’t it? So there’s no benefit to your suggestion, am I wrong?
@@KayDav-q3z I’m not a divorce lawyer, but yes, I believe you are wrong. For canada at least, “Inherited funds are considered separate property as long as the funds are kept separate during the course of marriage”. So if wife keeps inherited funds in a separate account, likely no problem. If the funds are used to pay down a joint debt, however, then that is where problems can arise as the spouse would have a claim to the increased equity in the mortgage-free matrimonial home. The purpose of “gifting” funds with a mortgage attached is to ensure that the funds must be repaid if the home is sold so the equity does not pass to the “other side” but returns to the parents who could then gift it to their newly divorced child.
What if I take cash and say it's to pay a gambling loan ?
Nice and clear. Bravo!
Same send money
Make it cash not check 's or e-transfer, the government will track every transaction to tax you,
If giving funds make it cash in hand.
parents giving money to children is normal and usual, there is no need to have any reasons, I wonder why a deed of gift is required, a parent may be giving money to children many hundred times throughout their life, are they going to made many hundred deed of gifts. surely there are exceptional cases which you mentioned and that applies.
Canadians are taxed to death , none of these tax dollars go to pay of deficits , way to much goes to interest on the debt , Canada has had the most wasteful government ever in the past 9 year's , making it impossible for the younger generation to ever own anything . Vote wisely people !
Is this the same for inherent $ or if im in major debt will collections just take it ?
the executor of an estate is responsible for relieving any debt first, before distributing assets. Failing to do so could make the executor liable for the debts. When possible, it can be appropriate to use life insurance (which is tax free to the beneficiary) to compensate for any debt obligations that must be met by assets first.
If I was to give my kids money it would only be my business..not through a lawyer.
How can a cousin brother gift more than 100000 Canadian dollars to his cousin brother. Please advise.
In 9000.00$ increments ❤ that's how my grandpa did it and was 0 problem, aways stay under the 10000.00$ the magic number for the bank and Revenue Canada and do before death there are different rules after death. Hope this helps have a good day.
I had Given 40000 Pounds to my friend for a business in UK. Now he is willing to return it. I am now in Canada. Can I get a gift deed from my friend.
Hi Darius, if a elderly widow has a TFSA and has named son as Beneficiary, I understand that when the person dies has a will and named her son as Beneficiary the funds do not have to be included for Probate Tax in Ontario, BUT ARE THE FUNDS TAXED AS INCOME and included in the FINAL INCOME TAX FILING for the deceased person and form part of the Estate?
No only if there is an rrsp or rif where taxes are deferred until you take it out. Those would need to be included in the final income tax of deceased.
@@peterkratoska4524 This is correct, and I will add that proceeds from a RRSP or RRIF generally do not have to pass through probate either- this assumes a proper beneficiary has been established. If the beneficiary is the deceased's estate then RSP/RIF assets WILL go through probate. Everyone should ensure their beneficiaries are up to date to avoid any un-needed probate fees.
A question: What are the implications of bequeathing gold bars to heirs? Upon my passing, can my heirs receive gold bullion without any taxes on my capital gains? If I give 1 gold bar, will an heir receive 1 gold bar?
As long as you are paying any applicable capital gains on the gold bars when you bequeath them then you can do this whenever you like. You will pay the tax, the recipient will receive the whole gold bar.
@@James_48 WRONG.
@@NVanHiker how so?
Hi, I need it ur advice, does my daughter or son can gift to father or Mather for gifted money for 2nd property down payment ?. Does CRA will ask daughter or son where that gifted money came ur source. Thks
Hi Tarique, can you please email me at dmuica@npw.ca?
@@dariusmuicamba-seniorinves6718 sent with Thanks
@@tariquenokia7147 received and replied. Thanks
Very well explained. I need your help. Can you email you at the given email in the comment section? Thanks!
@@rightpathlearning4750 yes absolutely. Thanks
Thanks for this informative video.
Can I gift my rental income to my College going son for his tuition fees without any tax implications
You definitely can. But, you must still claim the rental income on your taxes, and pay the appropriate tax.
Merci
not undetstsnding what a "ditto gift is"
Deed of gift
can we donate cyrptocurrency to our adult childern tax free ? even if there is increased in value
Hello Mr Darius Please help me
If your gifting cash, once it leaves your hands, you have no say. Period. If you want stipulations, contact a lawyer!
sure, involve a money hungry lawyer.
Just gift it and keep your mouth shut about it.
hard to inderstand certain words not spoken properly
If no tax then thats fine nothing special!
Buy life insurance with that money and leave it to your kids. Its tax free. Tax Free. Tax Free. Tax Free. Tax Free. Tax Free. Tax Free. Tax Free. Tax Free.
no interest gained. and you've tied up your money for the insurance.company to gain interest..bad move👎
@@myopinion6092 totally agree....... I'd leave the money hungry insurance companies out of the equation
I bought a joint life Insurance policy to leave my kids money.
I will pay approximately $30k from age 60 to around 90 and it will pay out $100k , over 3 times what I paid, I'd say that's a great return on investment 👍
@@sharky6128
What type of life insurance is that?
I have heard that, if someone dies naturally, not in an accident or with chronic disease; the insurance company keeps the primer money and never pays a dime back? Please educate me. Thanks
@@myopinion6092 But the IRR on the death benefit can be quite juicy compared to investing your money, and the IRR is after-tax
GIVING! Not gifting.
If you have to do this to gift family mrmbers money then I wouldn't give them any in the first place.
Don't gift it directly to them. Leave it in an account in your name, give them a card and access or establish a joint account and be done with it. The only thing to avoid is the worthless government.
This is terrible advice. If you die, the account in your name (or a joint account) is immediately frozen and becomes part of the estate. Then it has to go through all the process of the inheritance, which means that money can be used to pay taxes or depts, or be disputed by other inheritors. It does the exact opposite and exposed it to the gouvernement. The best is to write a check and gift it and never look back
Dont tell, don't pay. Cash or crypto only and the tax man can't prove anything.
cash is king, dont say a word.
EVERY investment advisor I've invested money has STOLEN my investments....why would you trust these scams
Do more research. Don't trust - Verify!
Could you Name them to help others from making the same mistake?
why do you hav2 say anything its no 1s buisness doesnt matter if its 10bucks or 10.000 dont say anything and all is well
Did you not watch the video?
@@Popincourt-or4cfdoesn't matter if he watched the video or not, what he said was true.
In Canada family members can give each other money, regardless of the amount. I just gave my daughter $50,000 to help in the purchase of a home. But the reason i gave her the money doesn't matter. I didn't buy the home or anything like that. Simply transferred the money from my account to hers. Bank confirmed with me it was indeed my choice to transfer it and i or they weren't being "scammed", processed the transaction in less than a minute, and out the door i went. No cost, no muss, no fuss. And no lawyer or "investment consultant" taking a percentage or fee for a useless and unneeded piece of paper/contract. The CRA has no knowledge of the arrangement, and if i or anyone else told them about it they wouldn't care and wouldn't even make a note of it on any file of mine or my daughter’s. This video is intended to get people to "think" they need some sort of legal protection that is non existent, in order to make money from people for unneeded services.
If the government wants to govern my money, they can start paying my bills.
just put the cash in an envelope and thats it ! just like trudeau receives everyday
That’s a total lie! You obviously aren’t Canadian nor have any concept about the extremely complex tax system!!
Are there no English speaking people that could have done this.?
Bull
Thank you!