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.
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.
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.
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.
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