Q – If I withdraw funds from my investment account from time to time, are they taxable? Also, if my adult children withdraw funds from their investment accounts and in turn give those funds to me, are they taxable or considered as a gift? – Lynda H.
A – If by “investment account” you mean a non-registered account (not an RRSP, RRIF, etc.), the money is not taxable. TFSA withdrawals are also non-taxable. Your adult children can give you as much money as they wish, with no tax consequences. We have no gift tax in Canada. – G.P.
Gordon Pape is one of Canada’s best-known personal finance commentators and mutual fund experts and a regular contributor to the Fund Library. Click here to submit your question to Gordon.
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