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What to Avoid When Gifting Money to Family in Canada?

Darius Muica, MBA - Senior Wealth Advisor 257 views

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Very useful Thank you
Comment from : @trapperkatie1

Very helpfulbrThank you brGod BlessbrAmen
Comment from : @janetcommanda9723

CROOKS
Comment from : @louie3272

This video really made me realize the importance of security
Comment from : @Mrcheckh4

Make it cash not check 's or e-transfer, the government will track every transaction to tax you, brIf giving funds make it cash in hand
Comment from : @richardst-laurent6660

Dont tell, don't pay Cash or crypto only and the tax man can't prove anything
Comment from : @curtis1397

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
Comment from : @normanwells2755

not undetstsnding what a "ditto gift is"
Comment from : @myopinion6092

hard to inderstand certain words not spoken properly
Comment from : @myopinion6092

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🇨🇦👨‍🦳👍
Comment from : @richardc6932

What if I take cash and say it's to pay a gambling loan ?
Comment from : @larmar

That’s a total lie! You obviously aren’t Canadian nor have any concept about the extremely complex tax system!!
Comment from : @lindakilmer2548

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
Comment from : @Stoicbeast33

If I was to give my kids money it would only be my businessnot through a lawyer
Comment from : @richardknott2021

Thank you!
Comment from : @Active7X7-no5ce

Just gift it and keep your mouth shut about it
Comment from : @gregrogers4376

just put the cash in an envelope and thats it ! just like trudeau receives everyday
Comment from : @peterpeter5666

GIVING! Not gifting
Comment from : @paulsimmons9308

If your gifting cash, once it leaves your hands, you have no say Period If you want stipulations, contact a lawyer!
Comment from : @Ittybittykittyclub

Nice and clear Bravo!
Comment from : @Doubleolseven

You really should state that giving any amount of money in Canada requires no document whatsoever The key word is requires
Comment from : @callmeishmael7452

Bull
Comment from : @doreen3715

how about some ingift to the child received from abroad in form of cash?
Comment from : @fredhooshi4294

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?
Comment from : @t3ddyt3ddy

Thanks for this informative video br Can I gift my rental income to my College going son for his tuition fees without any tax implications
Comment from : @SanjaySharma-rh7bo

Canada is a disaster I would be leaving as fast as you can Un supportsble often criminal government services Exchange your cask to other forms of money and leave
Comment from : @dougiep2769

This is a very useful video - thanks for sharing!
Comment from : @gcorriveau6864

Who has money to gift to anyone in Canada We are all broke and give all of our money to the corrupt turdeau dictatorship
Comment from : @sfm5s

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?
Comment from : @TheSwimmom1

Is this the same for inherent $ or if im in major debt will collections just take it ?
Comment from : @nobody3692

Are there no English speaking people that could have done this?
Comment from : @barriegregory6606

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
Comment from : @Cableman-hr2uu

ONLY a problem for Chinese nationals trying sneak $$$ out of the Empire
Comment from : @barenekid9695

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
Comment from : @sherryleggett1612

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
Comment from : @kellytkachuk6497

tax is theft and interest is usury, promote the evil for the sheep
Comment from : @vinnartaigh2076

Merci
Comment from : @Marc_de_Car

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?
Comment from : @VictoriaMorhan

Never in writing and always in cash
Comment from : @corssecurity

Thank you
Comment from : @ML-uk6lu

Thank you so much
Comment from : @aguptill1

Thanks very much, so helpful Does this also apply to crypto?
Comment from : @kenanklovitch8117

Do you have tax advice to best avoid taxes structuring a trust with crypto assets Hope I've worded this correctly
Comment from : @whoyatoya

HellobrGreat videobr very informativebrNow it is 2024 brAnd Trudeau has the BARE TRUSTbrHe has found a new way to track us and tax usbrCan't wait to vote him out brWhat good advise do you have and can you detail this new Bare Trust law?brA law that we need to fill out a tax form or be fined for not exposing any joint accountsbrThank you brPhyllis
Comment from : @phyllisnaccarato5313

Thank you, very informative
Comment from : @nerther7625

why do you hav2 say anything its no 1s buisness doesnt matter if its 10bucks or 10000 dont say anything and all is well
Comment from : @edlinke2368

EVERY investment advisor I've invested money has STOLEN my investmentswhy would you trust these scams
Comment from : @Mooseracks

Your great! Thanks for the education!
Comment from : @Quimster

Thank you Mr Muica, in case: br1 the parents had the money before arriving in Canada br2 the money is aboard br3 the parents have not declared the money to CRA br brDoes anyone have to pay tax when transferring the money (wire transfer)?
Comment from : @xyz-d4m6w

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
Comment from : @kj4547

why would anyone give the gift of money to family so that criminal government has to know Government should stay away from these things They trying to scam a innocent people for their money Anyone should be able to sent certified check to anyone for any amount without government putting their nose into it
Comment from : @RiosTikvic

How can a cousin brother gift more than 100000 Canadian dollars to his cousin brother Please advise
Comment from : @mohanverma4055

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
Comment from : @prasannasunny

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
Comment from : @MTN99999