Synthesizer Receiver
tax on money transfer transfer?
My daughter wants to buy a synthesizer, I have to make a transfer of $2000 from my bank account to hers. She will pay it back in 2 years, as she has a part time job.
Should she pay a tax getting that sum, as the government could consider that sum as a gift?
Is it true that even a sum of $50 given to somebody can be considered as a gift, and the receiver should pay a tax for that?
There is no tax on gifts in Canada, whether they be for $50 or for $500,000.
Technically, you should be paying tax on the interest you make, although I doubt CRA is going to notice such a small amount.
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