Hello,
I became about 2 weeks ago a new Canadian and I've been living in Canada for more than 6 years even though I'm pretty sure all of this doesn't have much to do with the question here.
My dad who lives in France is thinking about gifting me a certain sum of money.
This money is completely legit, he had it in an investment that is not so effective and he's thinking of pulling out this money to send it to me.
He will also do what's required for French taxes, the money has been locked for a few years.
The question I have is : is there anything for me to do / declare / fill to receive this money from him ?
The money would be wired to my French bank account and I would then wire it to my Canadian account.
From what I saw, as this is a "cash" gift, then there is no tax to pay nor anything to declare.
The only thing that I see is the 10k$ wire threshold that banks are to report to prevent any wrong-doing, embezzlement and so on but this would be transparent for me/
Thank you !
I became about 2 weeks ago a new Canadian and I've been living in Canada for more than 6 years even though I'm pretty sure all of this doesn't have much to do with the question here.
My dad who lives in France is thinking about gifting me a certain sum of money.
This money is completely legit, he had it in an investment that is not so effective and he's thinking of pulling out this money to send it to me.
He will also do what's required for French taxes, the money has been locked for a few years.
The question I have is : is there anything for me to do / declare / fill to receive this money from him ?
The money would be wired to my French bank account and I would then wire it to my Canadian account.
From what I saw, as this is a "cash" gift, then there is no tax to pay nor anything to declare.
The only thing that I see is the 10k$ wire threshold that banks are to report to prevent any wrong-doing, embezzlement and so on but this would be transparent for me/
Thank you !
