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.
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.