Families

Tax Tip: If I Give Cash to My Kids, Is It Tax Deductible in Canada?

Overview

Canada has no gift tax, so you can give your children any amount of cash, and it is not taxable as income or deductible as an expense. In spite of this, giving away cash in your lifetime may save taxes against your estate after you die.

Key Concepts

  • taxing cash gifts
  • deducting cash gifts
  • gift tax Canada