Potential Tax Event
A gift of property (not cash) to a non-relative may be treated by the ITA as a sale at market value. This triggers capital gains or betterment tax on the difference between market value and the giver's cost basis. The giver is liable for the tax, even though they received no payment.
Cash Gifts
Cash gifts to non-relatives are completely tax-free – no gift tax applies regardless of the amount or the relationship between the parties.
Important Note: The information on this website is for general informational purposes only and does not constitute professional tax advice. Consult a qualified tax advisor before making financial decisions.