Gifting and leaving money to your grandchild

There may be different tax implications depending on how you choose to bequeath gifts/monies to your grandchildren. Whether this is upon your passing or while you are still alive, it is important to consider the financial ramifications of these gifts to ensure it does not negatively impact your retirement. The Blunt Bean Counter outlines several common gifts such as gifting assets (a home for example), money, and contributions to an RESP or TFSA and their tax implications.

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