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QUESTION:
My sister is a Canadian citizen and wishes to make a substantial cash gift to me. I am a Canadian citizen who lives in the USA; I currently live and work in the USA. I hold conditional permanent residency status and I am currently a resident of the USA for tax purposes. Can you briefly describe the tax implications of such a gift. Would the tax consequences change if I returned to Canada?
Thank you in advance.
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david ingram replies:
The taxation of a gift depends upon the residency and citizenship of the giver, not the recipient of the gift.
Assuming that your sister did not earn the money in the US and has never been a US citizen, she can give you anything she wants. The same thing would be true if she died and left the money to you.
I am putting this on the list just to see if anyone has a different slant on the subject.
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