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The Greenbooks Consulting Inc.
100 - 3011 Viking Way, Richmond, BC
V6V 1W1
The The Greenbooks Consulting Inc. Team is your source for the latest Canadian tax news and updates on changing tax laws.
We are pleased to provide a variety of resources on accounting, bookkeeping taxation, and other related subjects that we hope will be helpful to both individuals and businesses.
If you have any questions, simply contact us by email or call 604-779-3064. We will be happy to meet with you for a free, no-obligation consultation.In Canada, gifting a capital property is considered a disposition for tax purposes. When you gift a capital property to someone, it is treated as if you have sold the property at its fair market value (FMV) at the time of the gift. This means that you may be subject to capital gains tax on any accrued gains in the property's value up to the date of the gift, even though you didn't receive any cash in return.
Here are some important points to consider when gifting a capital property in Canada:
It's important to consult with our office when gifting a capital property to ensure that you understand the tax implications and can plan accordingly. Tax rules can be complex, and there may be specific strategies or deductions available in your situation that can help minimize the tax impact of the gift. Additionally, tax laws are subject to change, so staying informed about the latest regulations is essential.
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The Greenbooks Consulting Inc.
100 - 3011 Viking Way, Richmond, BC
V6V 1W1
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