- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Is my taxable gain based on the value on the day I received the gift? Or the givers original basis? I received a gift of mutual funds in the US. I sold part in 2021.
May 1, 2022
5:53 AM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Troubleshooting
According to the Canada Revenue Agency (CRA), If you receive property as a gift it is considered that you have acquired them at their Fair Market Value on the date that you received it. Therefore, your cost basis should be the cost base of the person who gave you the gift. However, it is important you make sure the T-Slip that your investment brokerage will provide you match the numbers.
For more information, check out: Canada Revenue Agency (CRA) - Gifted Property
Thank you for choosing TurboTax.
May 2, 2022
12:19 PM