Money as a gift, can it be taxed?

[fwhc022883]

Hi all,

I heard somewhere (forgot where) that money that I plan to give to my parents can be taxed? Sounds ridiculous to me but is this true? My parents have low or no income.

If so, is there any way around it? Sending a cheque every few months instead of all at once, etc? I am already "renting" from them so I pay them each month's rent but I am looking for some additional ways. If anyone has other ways, please share!

Thanks.

[conforf]

http://forums.canadianbusiness.com/t...essageID=90002

[83_gemini]

To summarize:

There is no gift tax. Sometimes when you give stuff to people there might be attribution issues. Generally, I believe, windfalls and gifts are not considered income according the act and therefore are not taxable.

[ynot]

A cash gift from one individual to another isn't taxable. But, if an employer gives you a gift, you are supposed to record it as income, which is then taxable.

2 cents, just for clarification.