I've been to Canada for about 5 year and one month. Got a job just 2 months ago. My cousin will transfer me money from his account in Middle East to my account here in Canada (around 200k USD) as a "family loan"
I have the following queries:
1- Will this amount be taxable?
Is there any amount limit that I can borrow without being taxed by government?
Is there any time limit I can keep this amount in my account before I use it without being taxed by government?
2- What documentation should I prepare in case If i ever questioned by the CRA?
3- Am I going to be eligible for taking mortgage to buy a house and pay the downpayment from the money I got?
Thanks for the response
I have the following queries:
1- Will this amount be taxable?
Is there any amount limit that I can borrow without being taxed by government?
Is there any time limit I can keep this amount in my account before I use it without being taxed by government?
2- What documentation should I prepare in case If i ever questioned by the CRA?
3- Am I going to be eligible for taking mortgage to buy a house and pay the downpayment from the money I got?
Thanks for the response