Q&A: GIC transfer

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.

Do you have a money question you’d like to ask Gordon? Send it along and then check out our Q&A section regularly to see if it was chosen for a response. Sorry, we cannot send personal answers.

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