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Income Tax Attribution between spouses for gifts / transfers done before establishing residency in Canada

dallasboy

Star Member
Mar 11, 2016
65
4
Toronto, ON
Category........
FSW
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2171
App. Filed.......
11-MAR-2016
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For Canada residents, if someone transfer money/property to spouse, the interest/dividend/capitals gains arising in future attributes back to the person who made the transfer with some exception like if it is a loan at prescribed interest rate or a transfer at fair market value.

My question is: Let's say I transfer share to my wife as gift in 2015 (value of stock at that time $10000) ; we moved to Canada on Aug 2019 and on the date of move to Canada, the stock is owned by my wife and has a value of $30000. She subsequently sells the stock for $25000 in Sep 2020.
a) Is this a capital gain or capital loss?
b) Who has to pay/claim this capital gain/loss? The wife or the husband?
c) How are gifts / transfer done prior to Canada residency treated? [provide references please if possible]
d) During the first year tax, we file a form with value of all foreign investments as of date of establishing residency in Canada. Do we have to mention the source for each of those or whoever owns the property on date of move is considered 100% owner ?