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My parents are gifting me 50,000 towards the downpayment of a house. Is there a gift tax? [IN CANADA]?

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  1. Short answer is no, there is no gift tax in Canada.

    However, that assumes you are purchasing a home to live in.  If you are purchasing a property for the purposes of earning income, there is a possibility CRA could attribute any such income to your parents.

    BTW< do your parents need any new kids?


  2. No there is no gift tax in Canada.

    You are free to do give away your Aftertax dollars to other adults.  There are issues with gifting to children.
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