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.
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.