Inward Remittance to Canada from Abroad

[Fastener]

When I will move to Canada as PR, my friend will send me 5000+ USD to my new Canadian account using legal channel like Western union. I think this is remittance for Canada. Is this remittance tax deductible? How much? Any link?

Thank you.

 

[torontosm]

When I will move to Canada as PR, my friend will send me 5000+ USD to my new Canadian account using legal channel like Western union. I think this is remittance for Canada. Is this remittance tax deductible? How much? Any link?

Thank you.

There are no taxes on this transfer, so long as it is not "income".

 

[jasonspeaks]

How is a gift from a family member (parent?) (sibling) treated?

 

[PMM]

Hi

How is a gift from a family member (parent?) (sibling) treated?

1. The same, there are no taxes nor duty on funds imported/sent to Canada.

 

[jasonspeaks]

Hi


1. The same, there are no taxes nor duty on funds imported/sent to Canada.

Thanks PMM - appreciate the revert. Apologies for the lag - was away for a few days and lost this thread!

Best,