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What to Avoid When Gifting Money to Family in Canada?
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- เผยแพร่เมื่อ 11 พ.ย. 2021
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In this video, I will tell you what you need to do before gifting money or any other valuable assets to a family member, what are the most common mistakes and how to avoid them. I hope you will enjoy the video!
To start drafting your own deed of gift you can use the below link
www.lawdepot.c...
Please note that this video is for entertainment purposes only and it does not constitute any legal or tax advice. Always make sure to do your due diligence and seek proper tax and legal advice.
My name is Darius Muica, Senior Investment Advisor with Nour Private Wealth. I am passionate about the work I do and I am extremely client-oriented! Me and my team focus on helping our clients build wealth faster, in the most tax-efficient way possible. If you are new to my channel, do subscribe, and If you have any questions, let me know by posting a comment below. All views and opinions expressed in this video are provided for informational purposes only and do not constitute an offer or solicitation to buy or sell securities. The statements expressed within this video are not tax, legal or financial advice. Under no circumstances should it be construed as a solicitation to act in any capacity including, but not limited to, that of a securities broker or dealer in the province of Ontario or any other jurisdiction. All views are intended for general circulation only and do not have any regard to the specific investment objectives, financial situation or general needs of any particular individual or legal person. Investing includes risk, as well as the loss of principal. Past performance does not guarantee future returns. The views expressed in this video are the opinions of Darius Muica and are subject to change at any time without any further notice to the viewer.
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.
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.
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.
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. .
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)?
Your great! Thanks for the education!
Thank you, very informative.
how about some ingift to the child received from abroad in form of cash?
This is a very useful video - thanks for sharing!
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?
Thanks for this informative video.
Can I gift my rental income to my College going son for his tuition fees without any tax implications
Thanks very much, so helpful. Does this also apply to crypto?
Do you have tax advice to best avoid taxes structuring a trust with crypto assets.. Hope I've worded this correctly..
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.
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?
Thank you so much.
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
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.
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.
Thank you.
Is this the same for inherent $ or if im in major debt will collections just take it ?
Same send money
Never in writing and always in cash.
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.
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.
Merci
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👎
Hello Mr Darius Please help me
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
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.
EVERY investment advisor I've invested money has STOLEN my investments....why would you trust these scams
Do more research. Don't trust - Verify!
Are there no English speaking people that could have done this.?