TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 1

Question

Tax situation on a gift of cash

Forum|Forum|3 years ago
November 16, 2022
1 reply
19 views

I plan on giving both my son and his wife, my daughter-in-law a large gift of cash. What are the tax ramifications?

Level 4

If you give more than $16,000 in cash or assets (for example, stocks, land, a new car) to any one person in 2022, you need to file a gift tax return. That amount goes up to $17,000 in 2023.

So you could give each of them up to the limited amount and you would not have to report it. If the amount to either, or both, of them is more, then a gift tax return is required.

The son and daughter-in-law do not have to report the gift on their tax return, regardless of the amount.