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| Canadians - The tax treatment of gifts and inheritances A gift or inheritance is not taxed as income to the person receiving the property. The CRA considers that the individual making the gift, with certain exceptions such as spousal transfers, sold the property at its fair market value on the date of transfer. As a result, if the property has increased in value, the individual making the gift may realize a capital gain, while the recipient will be treated as having acquired the property at the fair market value on the date of transfer. If the recipient sells or transfers the property at a future date, a further capital gain may accrue to the recipient if the property increases in value from the date of the gift.
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