My Mom transferred half of her GIC to me as a gift. What are the tax implications ? Does she have to report any capital gains tax ? Do i have to report the GIC amount transferred to me as income ?
Did you receive half ownership of the GIC, or did your mother cash her GIC out and give you half of the money?
If she just gave you money, then there is no tax implication for either of you.
My mother gave me half ownership of the GIC.
