In Canada, gifting a capital property is considered a disposition for tax purposes. When you gift a capital property to someone, it is treated as if you have sold the property at its fair market value (FMV) at the time of the gift. This means that you may be subject to capital gains tax on any accrued gains in the property's value up to the date of the gift, even though you didn't receive any cash in return.
Contact Us
Our Office
RN Mabira Professional Corporation
Accounting Services
112 Violet St.
Barrie, ON L4N 9M8
Phone: (905) 252-6796