+1 ... for the Canadian tax implications.
The IRS faq that is linked in post #4 says that for 2017, the annual exclusion is $14K, USD. They also list what gifts can be excluded.... I have a question about gift tax. My dad and I are both Canadian citizens and we would like to gift some money to my brother who is a US citizen (technically he is a citizen of Canada and US). How much is the limit before my brother in the US is taxed?
Unless the gift giver is a US tax resident and/or the Canadian gov't changes their policy on gifts before the gift is given ... as the givers look like they are Canadian tax residents with no connection to the US, I don't see why the givers would be paying taxes.... Would we be taxed for providing him with the monetary gift as well?
Haven't researched it as I haven't given sizeable gifts (more like maple syrup) to my US relatives. Where the IRS says $14K, I'd want a reputable expert before I'd trust a different amount.... From what I have read, the maximum is $14,000 US per person but another article mentioned that there is no limit??