Looking for a unique and thoughtful gift idea for someone important in your life? Why not give them the gift of stocks? Stocks can encourage a lifelong interest in investing, while their value can also increase over time\u2014and help to create an extra source of income through dividends.<\/p>
Keep reading to find out how to gift a stock in Canada and the tax implications you need to be aware of.<\/p>
Both you and the person receiving the stock will need a brokerage account. If you both have accounts with the same broker, this makes the transfer process smoother and can sometimes help you save on transfer fees.<\/p>
If you already own the stock you want to gift, you\u2019ll already have a brokerage account. If not, you\u2019ll need to choose a trading platform and create an account.<\/p>
When deciding on a brokerage account, look at factors like trading commissions, the stock exchanges you can access, and how easy the platform is to use. You\u2019ll also need to research the process for transferring stocks, and the fee the broker charges for stock transfers.<\/p>