Gift from parents to buy house in Canada

[BOLLENENI]

Hi ,Need an advice Since housing seems very expensive we want to gift our son an amount to book an Apt in Canada, Can somone throw some light on the procedure and rules to transfer the money Is there any legal formalities?

 

[steaky]

Hi ,Need an advice Since housing seems very expensive we want to gift our son an amount to book an Apt in Canada, Can somone throw some light on the procedure and rules to transfer the money Is there any legal formalities?

Book an airbnb apartment? Or do you want to buy a home for your son?

If airbnb, you can make your bookings at airbnb.ca.

But if you want to buy a home for your son, can't you go to a home fair in India to buy a Toronto home there? You would need a Canadian (Ontario) lawyer to finalize the transaction.

 

[rmacraj]

Hi ,Need an advice Since housing seems very expensive we want to gift our son an amount to book an Apt in Canada, Can somone throw some light on the procedure and rules to transfer the money Is there any legal formalities?

I can help you with the process. Pls message me for details if you are still looking.

 

[BOLLENENI]

Thank you buddy, I have transferred through SBI, didnot want to take risk

 

[rmacraj]

Thank you buddy, I have transferred through SBI, didnot want to take risk

Glad that you worked it out. As it’s a gift from parents, you may have to sign up a gift letter when you are closing your mortgage.