Gifted money from a German to a Canadian

[aa.chainsaw]

I have an old friend I met years ago who is a German citizen who lived in Canada decades ago and is now back in Germany. He was planning on gifting me around 200k fro his Canandian bank account. I was wondering if either one of us would have to pay tax on this, and will the CRA come after me with questions? He has had the money in the Canadian bank account for well over a decade with an investment firm.
Curious what your thoughts were.

 

[canuck_in_uk]

I have an old friend I met years ago who is a German citizen who lived in Canada decades ago and is now back in Germany. He was planning on gifting me around 200k fro his Canandian bank account. I was wondering if either one of us would have to pay tax on this, and will the CRA come after me with questions? He has had the money in the Canadian bank account for well over a decade with an investment firm.
Curious what your thoughts were.

Yes, you may certainly have issues with CRA. People really don't "gift" $200k to friends. It is more likely to be underground income, some sort of tax avoidance scheme or money laundering.

 

[torontosm]

I have an old friend I met years ago who is a German citizen who lived in Canada decades ago and is now back in Germany. He was planning on gifting me around 200k fro his Canandian bank account. I was wondering if either one of us would have to pay tax on this, and will the CRA come after me with questions? He has had the money in the Canadian bank account for well over a decade with an investment firm.
Curious what your thoughts were.

That sounds like a very, very fishy story that will certainly raise red flags at the CRA.

 

[aa.chainsaw]

Thanks for your responses.
The next part would be as I know it's not illegal money how does one prove from the CRA that it is just a gift?
He has had it in an investment firm for over 15 years, so the income statements for that money made well over a decade ago are long gone. Also if he were to give me 50, 100 or 200k as a gift, how can I prove it? With 50k would they still get all suspecious?
I have looked at many sites including the CRA and all seem to say no tax on gifts and nothing about limits.
Thanks,
Andrew

 

[canuck_in_uk]

Thanks for your responses.
The next part would be as I know it's not illegal money how does one prove from the CRA that it is just a gift?
He has had it in an investment firm for over 15 years, so the income statements for that money made well over a decade ago are long gone. Also if he were to give me 50, 100 or 200k as a gift, how can I prove it? With 50k would they still get all suspecious?
I have looked at many sites including the CRA and all seem to say no tax on gifts and nothing about limits.
Thanks,
Andrew

I suggest you speak to an experienced accountant. People still don't "gift" friends with $50k. It is suspicious no matter what.