There is no gift tax.. However, if a person have assets in the amount of $100k or more, this should be disclosed by filing out the form T1135. If the person has an interest in foreign corporations, T1134 may be applicable.
Any resident of Canada who receives a gift or inheritance of any amount from almost source (except from an employer) will not have to include this in their income. However, if capital property (real estate, other than a principal residence, or investments) is given as a gift, the person who has given the gift will be deemed to have sold the capital property at fair market value, and will have to pay tax on any resulting capital gain. The fair market value is deemed to be the "cost" to the person to whom the shares were given. If money or capital property is given or loaned to a spouse or a related minor child, attribution rules will apply.
