Hi! I borrowed money from my parents in the Philippines to pay up our mortgage here in Canada. I would be expecting 215k. Do I need to inform CRA regarding this transfer and provide documents where my parents get the funds? Will I be taxed here?
Hi! I borrowed money from my parents in the Philippines to pay up our mortgage here in Canada. I would be expecting 215k. Do I need to inform CRA regarding this transfer and provide documents where my parents get the funds? Will I be taxed here?
You won't be taxed on the money, but you can certainly expect an inquiry from the CRA on the funds transfer. Your bank may also ask you for the source of funds.
