john100, hmmm. He gave them to me (physically) over 10 years ago instead of actually putting them in his Will. So they have been my property for a long time. He just didn't want me to sell them until after he passed. I've never had them appraised and don't know what they are worth.
I believe there are no tax consequences from the gift on your side. Your father might have had a responsability to pay tax on any deemed capital gain at the time of the gift. However, depending on how much he initially paid for the items there may not even have been any deemed capital gain in which case it's a moot point. https://www.taxtips.ca/personaltax/...ritances.htm
If you sell items of significant value then you may also be responsible for paying income tax on any positive difference between the value of the item(s) at the time they were gifted to you and the sale price. Also, if you sell enough to hit the $30k/year threshold you'll need to register for GST/HST.
What kuh_85 says makes sense although I am no accountant nor lawyer. My mom recently gave her coin collection (which used to be my dad's before he died) to us children because she was not interested.
I have catalogued what I received. Some I will keep to add to or upgrade my collection. What I sell as duplicates, I will track in case there are tax implications down the road or if I get questioned by the tax department.
As others have pointed out, you described an inter-vivos gift not an inheritance. In general, Canada does not have 'inheritance taxes' as such, though that is not relevant to this case.
When the gift was made, there may have been a tax obligation for the gifter but not for you.
That said, you may be responsible for any capital gain on disposal earned in the 10+ years post receiving the gift. It sounds like you have not sold the collection yet so you have the advantage of mitigating any potential tax burden via tax planning.
All that said, this is an open forum and you should not rely on any opinions or advice here. Find a professional accountant if you have any doubts.
Edit to add: In case you were wondering, you are were not required to report the gift to CRA on your tax return for the year in which you received the gift.
If you sell $1000 or less a year it does not need to be reported, there is some arguments as to whether it is $1000 or less per year or per transaction. I have not see a definitive decision, but I am sure it is out there somewhere.
Here is one more link for you, I have not seen the offical CRA bulletin on set vs. per piece. The nice thing about Listed Personal Property (LPP) is that you can take capital losses to offset the gains of other LPP sales.
But it looks like most coins can be sold tax free, assuming you are not making a business of it.
My collection, which has been put together over five decades, is quite valuable.
Most of the collection existed long before any inheritance taxes relating to coins became Law. I have no idea these days as to how to identify which coins are subject to inheritance tax, and which ones are not, let alone how to apply CPI inflation value adjustment factors to acquisition dates, in order to determine how much capital gains inheritance tax should be paid.
The only reasonable thing I can do now, is to give my collection to my kids bit by bit. I have been doing this over the last ten years. Hopefully, I will not possess any coins when I die. They both wish to extend those parts of the collection they are interested in.
Sometime, in the decades into the future, long after I kick the bucket, they can dispose the collection bit by bit, if they wish to, probably by public auction. That is their choice. Legally, they are not required to pay any tax until each item is sold.
For most of us, no purchase records are kept. If you buy hundreds of coins (maybe thousands) for only a few dollars each, over a period of decades, how do the Tax authorities determine how much tax should be paid when they are disposed of?