Minutes past seven a.m. on this Sunday morning and we're all in the post-Christmas haze. I think, at least, a lot of us are. But do we ever think about when a gift could come with some strings attached? And I need to remind you that my next interview is not intended as legal advice. You should always contact a lawyer if you need legal counsel. However, Jeff Glaser is joining us on the line. He's a lawyer with Bouton Law. Jeff, good morning to you. How's it going? Great, how about you? I'm doing well. Thing I don't think we often think about when we receive gifts that they might come with tax strings attached or that they might bring something called section 160 into our lives. But maybe explain a bit about how that can happen. Okay, Lyssa. Section 160 is right there in the Income Tax Act, and what it says is that the CRA (Canada Revenue Agency) can come and assess one taxpayer for the tax debts of a relative if that relative, with tax debts of their own, transferred property for free as a gift or for less than fair market value. So, what it sort of was intended to come after is a scenario such as, perhaps, a father with a $1 million tax debt and a $1 million house in his name transferring that house to his son to try to avoid the CRA's collection reach. It doesn't happen a lot, but the number of letters I see coming into my office and phone calls, it's actually seen as a section that's commonly perceived by the CRA as trying to enhance its collection efforts. So, if you were the receiver of something like that, should a red flag go up and question why is this person, even...
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Video instructions and help with filling out and completing Will Form 3520 Portion
