Do I need to pay taxes on bringing amount from abroad?

[siamu]

So, I became a PR in 2014.

Now my father wants to give money to me (substantial, like $800k). It obviously wasn't mine before so it's never been declared anywhere in Canada. I also never told the customs that I will bring money to Canada later on (I didn't know my father would give me this money). My father will get this money from the sale of his house, the rest is his savings.

So, what are the tax implications of it? It will come in two tranches - $100k and then $700k.

 

[Bs65]

With respect with such a large amount rather than rely on advice from a public forum why not consult a tax specialist or accountant or financial adviser familiar in large gifts or an inheritance from outside Canada given could be an expensive exercise if you get bad advice.

Here anyway is a past article on the subject , sure to be more if you have not googled already https://beta.theglobeandmail.com/globe-investor/personal-finance/financial-road-map/inheriting-money-from-abroad-understand-the-rules/article4451568/?ref=https://www.theglobeandmail.com&

 

[torontosm]

So, I became a PR in 2014.

Now my father wants to give money to me (substantial, like $800k). It obviously wasn't mine before so it's never been declared anywhere in Canada. I also never told the customs that I will bring money to Canada later on (I didn't know my father would give me this money). My father will get this money from the sale of his house, the rest is his savings.

So, what are the tax implications of it? It will come in two tranches - $100k and then $700k.

You don't have to pay taxes on gifts received; however, for an amount that large, expect some questions from the CRA related to the source of funds.