Gift from overseas

[shamrock21]

Hello,
my parents are planning to transfer over 100K to my Canadian bank account. Is this money taxable? My parents don't have PR status in Canada but they were here a few time as visitors.
Thanks for any input you might have.

 

[Suin]

I would appreciate the answer to this question too.

 

[torontosm]

Hello,
my parents are planning to transfer over 100K to my Canadian bank account. Is this money taxable? My parents don't have PR status in Canada but they were here a few time as visitors.
Thanks for any input you might have.

There is no gift tax in Canada, so you will not be taxed on the funds themselves. In addition, as your parents are not tax residents, this will not be viewed as an income shifting tax evasion scheme so you should be fine.

 

[Suin]

There is no gift tax in Canada, so you will not be taxed on the funds themselves. In addition, as your parents are not tax residents, this will not be viewed as an income shifting tax evasion scheme so you should be fine.

Thank you for your reply. How much money in total is it possible to send? Does the recepient need to pay declaration fees on receiving the money?