Funds from family, friends or relatives after PR landing

[raj_k]

Hello experts,
After landing as a PR with proof of funds from own money, can family, friends or relative send funds to me anytime? Will the funds they send be regarded as income or gifts for tax purposes?

 

[canuck_in_uk]

Hello experts,
After landing as a PR with proof of funds from own money, can family, friends or relative send funds to me anytime? Will the funds they send be regarded as income or gifts for tax purposes?

Gifts are not taxable. You need to keep records of the source of the money to prove it isn't income.

 

[canuck78]

Hello experts,
After landing as a PR with proof of funds from own money, can family, friends or relative send funds to me anytime? Will the funds they send be regarded as income or gifts for tax purposes?

Transfers are watched especially those over 10k. If the government sees constant “gifts” you could run into problems. Are these constant gifts or a few hundred here and there birthdays, holidays, etc. Friends don’t tend to transfer money oversees for no reason. Is there a reason for all these transfers?

 

[solo app]

According to the following sites, cash gifts are not taxable and do not have a limit imposed on them. Property gifts (e.g houses) are only taxable if the property is within Canada and gains capital gains after the adjusted cost basis is deducted.
https://www.finder.com/ca/taxes-regulations-on-large-money-transfers-to-canada
https://www.advisor.ca/tax/tax-news/cross-border-gift-tax-issues-for-canadians/

Word of caution: Responding to posting for answers is completely optional, there is absolutely no obligation. If you must respond, please check your facts and not make statements based on your personal opinions or what you feel the law is. If you would however like to respond with your opinions, please state those are your personal opinions and may not reflect the actual statutes that pertains to the question asked.

Thank you