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Receiving a Gift

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Hello my name is Tracy and a friend of mine is currently in Bankruptcy….

I was wanting to give him a “Gift” of $10,000…….is this acceptable

Can he keep this Gift ?    What is the process ?     Can it be any $$ amount that I can gift him (eg. up to $50,000)

I have been searching the Government of Canadas website and have been unable to find the answer !

1 Answer

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That money will be seized by your friend’s Trustee as “after-acquired property” which is defined as any windfall, gift, inheritance your friend receives between the date of his bankruptcy filing and the date he’s discharged from bankruptcy. That money would become part of his bankruptcy estate and the proceeds would be distributed to his creditors.

Your friend would also have an obligation to inform the Trustee of your gift if he were to receive it.

I’d suggest you wait until your friend is discharged from bankruptcy before gifting him.

 

 

Your Answer

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That money will be seized by your friend’s Trustee as “after-acquired property” which is defined as any windfall, gift, inheritance your friend receives between the date of his bankruptcy filing and the date he’s discharged from bankruptcy. That money would become part of his bankruptcy estate and the proceeds would be distributed to his creditors.

Your friend would also have an obligation to inform the Trustee of your gift if he were to receive it.

I’d suggest you wait until your friend is discharged from bankruptcy before gifting him.

 

 

Category: asked April 16, 2019

1 Answer

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That money will be seized by your friend's Trustee as "after-acquired property" which is defined as any windfall, gift, inheritance your friend receives between the date of his bankruptcy filing and the date he's discharged from bankruptcy. That money would become part of his bankruptcy estate and the proceeds would be distributed to his creditors. Your friend would also have an obligation to inform the Trustee of your gift if he were to receive it. I'd suggest you wait until your friend is discharged from bankruptcy before gifting him.