Bringing money to Canada

[SunnyJassi]

Hi

My parents are selling their home in India and have told me that they will be sending me partial proceeds of the sale. I am not on title of the home in India but will be a benefactor as a result of the sale.

We are all new to this and have no idea of how this works. Do I have to pay tax in Canada? In essence, it is an inheritance. I am a Canadian citizen (born here).

Any help would be appreciated

Thanks!

 

[canuck78]

Hi

My parents are selling their home in India and have told me that they will be sending me partial proceeds of the sale. I am not on title of the home in India but will be a benefactor as a result of the sale.

We are all new to this and have no idea of how this works. Do I have to pay tax in Canada? In essence, it is an inheritance. I am a Canadian citizen (born here).

Any help would be appreciated

Thanks!

The money can be gifted. If you transfer over 10k you have to make sure you have a paper trail of where the money is coming. Larger transfers are flagged for potential money laundering.

 

[SunnyJassi]

Thanks. It will be quite a bit over 10k so it will definitely be flagged. I'm assuming there will be some sort of home sale paperwork that I can provide.