Personal Finance

Moving 40k to American sibling

  • Last Updated:
  • Aug 22nd, 2016 11:51 am
Jr. Member
Dec 12, 2012
150 posts
119 upvotes

Moving 40k to American sibling

Hello all,
Looking for some guidance. Received an inheritance recently. My sibling is not in the will but I feel that this sibling is entitled to portion of my folks home. She is currently an American citizen. I bank with Tangerine and PC bank. I have a snapshot of her cheque with account info. What would be the best way to transfer this money to her account without major penalties. I believe the US has a gift tax?? I'm trying to send this 40k without major loss as it will already lose quite a bit with the exchange rate. Thanks in advance for any help.
5 replies
Banned
Jul 18, 2016
2014 posts
786 upvotes
I don't have any advice, but I want to commend you for taking care of your sibling. So often our parents are shortsighted and fail to realize how their issues with one child can damage everybody in the family through family feuds.
Deal Expert
Aug 22, 2011
41802 posts
30057 upvotes
Center of Universe
You wire her the money and she will have to worry about the tax consequences.
You can't really help her from that perspective.
Member
Mar 13, 2012
350 posts
118 upvotes
Sarnia
Reading this, it does not appear that your sister would even need to report the gift to the IRS, nor would she face tax consequences.
Deal Fanatic
Feb 15, 2006
9183 posts
3861 upvotes
Toronto
There is no "loss". The USD is strong now compared to Cad. It is the way the exchange rate is.
Deal Addict
Dec 13, 2010
2506 posts
1280 upvotes
ON
Yeah, there is no loss due to exchange, but if it bothers her then tell her to keep the funds in CAD. This might actually be a good idea as the majority think OIL is going up over the next year.

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