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Gifts in Canada are generally not taxable. If you receive a gift from a friend or family member, you don’t need to pay tax on it.

Unlike many other countries that impose a direct tax on inheritances, Canada's approach to taxing inheritances is more nuanced and indirect.

If you're a dual citizen of the U.S. and another country, like Canada, you are taxed on your worldwide income by the U.S., no matter where you live. For example, even if you're living in Canada and earning income there, the U.S. expects you to report your global earnings. However, most countries, including Canada, have tax treaties with the U.S. to help avoid double taxation.