Hi, I have set up a family trust, and I am wanting to gift some money to it. Should I just make a direct bank transfer to my Trust bank account? How do I declare it in the Trust's tax return? Thank you!
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Hi @xzhe0005,
Generally gifting money doesn't have any tax implications and won't need to be included on your tax return.
However, as it's gifted to a trust, and we don't know all the ins and outs of the trust it's hard for us to give advice. We've responded to a similar question before that you may like to check out.
Otherwise, you may need to reach out for further tailored technical assistance.
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Hi @xzhe0005,
Generally gifting money doesn't have any tax implications and won't need to be included on your tax return.
However, as it's gifted to a trust, and we don't know all the ins and outs of the trust it's hard for us to give advice. We've responded to a similar question before that you may like to check out.
Otherwise, you may need to reach out for further tailored technical assistance.
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