Gift Tax Limit 2025 Canada

Gift Tax Limit 2025 Canada. The gift tax limit, also known as the gift tax exclusion, is $18,000 for 2024. Generally, you can claim part or all of the eligible amount of your gifts, up to the limit of 75% of your net income for the year.

Any resident of canada who receives a gift or inheritance of any amount, except from an employer, or as a tip or gratuity due to their employment, will not have to include this in their income. This exclusion allows taxpayers to gift assets to individuals each year.