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My sister got married recently, and has received cash as a gift for the wedding. She would like to deposit the cash into a chequing account shared with her husband.

Are there any tax obligations from receiving the cash? Does she have to declare it, and if so, how should it be declared?

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There's no gift tax in Canada, so no issues depositing it. Only gifts that are taxable in Canada are gifts from the employer (in which case there are specific rules, see the article, but irrelevant to your question).

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  • What about US, If I give my friend's kid $20's gift card on birthday and on my kids's birthday my friend give my kid $21 or $19 gift card. Does gift gets netted ?
    – puzzled
    Oct 27, 2022 at 2:43
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    @puzzled no, gifts aren't netted. You gave a gift and they gave a gift. But for $20, which is significantly below the $14K exemption, no reporting or tax needed.
    – littleadv
    Oct 27, 2022 at 2:50

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