Moving Money from Abroad and Taxation

[aphermix]

Hello All,
I have been a PR of Canada from Sep-2017. I am planning to buy a car now and my parents back home in India wants to help me financially. They wants to send some money to help me. All money they have is completely legal and taxes paid in India from their employment earnings. I have some questions regarding this. Planning to send approx. $20,000

1. I assumed banks are supposed to declare this amount to FINTRAC. But I read this article that I need to report it directly to FINTRAC. But in FINTRAC website I do not see an option to self report for an individual. So should I report to FINTRAC or not? The link of article is given below
https://www.finder.com/ca/taxes-regulations-on-large-money-transfers-to-canada

2. Should I declare this amount as my income or as gifts in my 2019 Tax filings to CRA when I do tax filings

3. Should I declare it somewhere else ? Is there anything I am missing?

 

[canuck_in_uk]

Hello All,
I have been a PR of Canada from Sep-2017. I am planning to buy a car now and my parents back home in India wants to help me financially. They wants to send some money to help me. All money they have is completely legal and taxes paid in India from their employment earnings. I have some questions regarding this. Planning to send approx. $20,000

1. I assumed banks are supposed to declare this amount to FINTRAC. But I read this article that I need to report it directly to FINTRAC. But in FINTRAC website I do not see an option to self report for an individual. So should I report to FINTRAC or not? The link of article is given below
https://www.finder.com/ca/taxes-regulations-on-large-money-transfers-to-canada

2. Should I declare this amount as my income or as gifts in my 2019 Tax filings to CRA when I do tax filings

3. Should I declare it somewhere else ? Is there anything I am missing?

You don't do or declare anything. You just need to keep proof of the source of funds so that if asked in future, you can show that it was not income.

 

[aphermix]

You don't do or declare anything. You just need to keep proof of the source of funds so that if asked in future, you can show that it was not income.

Thanks for your reply. I am not gonna declare anywhere then. Don't know where that site got their source from.