Q&A: GIC transfer

Zoomer | May 5th, 2011

Question: Is it possible that my Dad can transfer his money in a GIC to my name without any penalties? – Lena W.

Gordon Pape answers: If you mean no tax penalties, yes, as long as you are not a minor and the GIC is not being held in a registered plan. However, the issuing financial institution may not allow it if the GIC is not transferable. Check with them.

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