Hi. My wife recently sold her farm for 1.2M$. From an income tax perspective can she gift me $600,000 so I can invest it myself & personally pay any future Cap Gains tax?
Hi. My wife recently sold her farm for 1.2M$. From an income tax perspective can she gift me $600,000 so I can invest it myself & personally pay any future Cap Gains tax?
I am retired, I have no income, my wife is still working. We want to split the money from the sale of the farm 50/50 so that she doesn't have to include all the future earnings (dividends etc) with her earned income.
Hi. My wife recently sold her farm for 1.2M$. From an income tax perspective can she gift me $600,000 so I can invest it myself & personally pay any future Cap Gains tax?
No, If the farm was in your wife's name, the gains go with her. Unless you can substantially prove to CRA that you paid for part of the farm when it was purchased.
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