Lifetime Gift Tax Exclusion 2024 Canada

Lifetime Gift Tax Exclusion 2024 Canada. In 2024, an individual can make a gift of up to $18,000 a year to another individual without federal gift tax liability. There is no gift tax in canada.

The annual gift tax exclusion level will increase from $17,000 per person in 2023 to $18,000 per person in 2024, in tandem with the significant adjustments in the. For 2024, the lifetime gift tax exemption is $13.61 million, up from $12.92 million in 2023.