Getting CAD from India ( As Gift from Dad).. Taxable? limit? best way?

[H1B_140approved_CanadaPR]

My father wants to sell some property he owns and want to send the money to me & my wife in Canada.
Can anyone tell me:

>If there is any limit or how much?
>will it be tax free OR If I will have to add it to my income & pay any taxes later?
>finally, What's the best(& safe) way to get INR from India to CAD in Canada?

Thanks !

 

[NetMecca]

Gifts in Canada generally do no attract tax, however it is potentially a complex issue, see https://www.canada.ca/en/revenue-agency/services/charities-giving/charities/operating-a-registered-charity/receiving-gifts.html
and
https://www.fbc.ca/knowledge-centre/whats-cras-position-family-gifts

I would suggest you have a chat to an accountant for clear advice

 

[wfgSuper]

My father wants to sell some property he owns and want to send the money to me & my wife in Canada.
Can anyone tell me:

>If there is any limit or how much?
>will it be tax free OR If I will have to add it to my income & pay any taxes later?
>finally, What's the best(& safe) way to get INR from India to CAD in Canada?

Thanks !

If you resident in canada and receiving funds from your father as gift or what ever way, it is not subject to tax in canada. You have to pay tax only for income earned in canada or elsewhere.

 

[H1B_140approved_CanadaPR]

If you resident in canada and receiving funds from your father as gift or what ever way, it is not subject to tax in canada. You have to pay tax only for income earned in canada or elsewhere.

That Helps !! Thanks for input.

 

[angel1287]

Hi!
Plz let me know the correct answer to this too!
Is there any gift limit for money sent frm India to Canada( as gift from parent)
And how much would it be taxed?

 

[tulip07]

That Helps !! Thanks for input.

HI wfgSuper,
I came across this thread from 2017, and I was wondering if you can answer my question related to this very similar issue. Do you know what documentation other than may be a notarized gift letter is needed for my DAD to be able to do a wire transfer from his bank in INdia to my bank in Canada.

My Dad is not very tech savvy or familiar with legal system. I have to plan it for him and it is incredibly difficult to do so while I am in Canada.
Thanks

 

[Rahul81]

Just check whether you can declare funds that u will bring at later stage and I think once u declare you bring that in future without tax, please check rules around that

 

[steaky]

Just check whether you can declare funds that u will bring at later stage and I think once u declare you bring that in future without tax, please check rules around that

The poster is not bringing his own funds. Rather, his father is going transfer to his.

 

[Rahul81]

The poster is not bringing his own funds. Rather, his father is going transfer to his.

I can read that as well thanks for reminder.

but the person can still add funds over and above his funds which can be bought later. This way you can include gift amounts which you may expect to Receive.

 

[sid1987]

i use tarnsferwise... awesome ... and best rates

 

[see_see_sensai]

My father wants to sell some property he owns and want to send the money to me & my wife in Canada.
Can anyone tell me:

>If there is any limit or how much?
>will it be tax free OR If I will have to add it to my income & pay any taxes later?
>finally, What's the best(& safe) way to get INR from India to CAD in Canada?

Thanks !

The real question is: is there anything that you need to do to declare this money, whether or not it's taxable.

 

[PMM]

Hi

The real question is: is there anything that you need to do to declare this money, whether or not it's taxable.

1. Assuming it will be a bank transfer, the Canadian bank will report it to Fintrac, as a transaction over $10K you don't have to do anything. Just make sure you have proof of where the funds came from, in case there are questions.
2. There are no taxes.