Gift to son living in Canada

C

capilano

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Hi all,

We have a son living in Canada on a 1 year visa. He is working and has Canadian bank account.

What would the implications be for him/us if we were to give him a gift of 100,000?

If we do this, we will do same through a Solicitor so that he has legal documentation if the Canadian bank should raise any queries re large deposit.
 
gift tax

you can gift him up to 332.000 tax free so i cant see any probs plus you dont have to let revenue know here unless the value of the gift is over 240.000
i have had money sent to me overseas from parents and there was never any probs with the banks asking me questions there but i would get your son to contact the bank there frist and let them know
 
There may be some tax implications for you (the donor). You may need to check that out before making a decision
 
Black Sheep, if this money is lodged into his Irish bank account and he subsequently transfers it to Canada, what tax implications could it have for us?
 
capilano said:
Black Sheep, if this money is lodged into his Irish bank account and he subsequently transfers it to Canada, what tax implications could it have for us?
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None (assuming that there are no issues with the funds themselves).
 
Absolutely no issue with the funds themselves. Saved over many years and proceeds of insurance policy taken out when he was born 27 years ago.Thankfully withdrawn in October, 07 before the market dipped and lodged with First Active/Ulster Bank.
 
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