Ahh, the gift that could be your TAX nightmare!

The gift from the business person/entrepreneur to a family member that could be harbouring a dark side.!

Its your big day, you graduate you are getting married or any other special ocassion and a family gives you quite a gift.  Ahh, but the giver neglected to mention they had some issues with the CRA.

 Well, per section 160 of the Canadian Income tax act, that gift could result in YOU having taken on that responsibility!!!  Where did that come from!

It has been around for sometime, and surprisingly a common assessment.

Yes, I can be accused of oversimplifying this very situation. 

This is one of those situation where it is definitely worth having a professional (lawyer and/or accountant) step up and help with.

Source: http://www.theglobeandmail.com/report-on-b...