Paying Tax on gift money from parents

[atzquebec]

Hi,

I am on PR residing in Canada. I am expecting more than CAD 10000 from my parents who are living abroad. As this is a gift, do I need to pay taxes. If not are there any procedures to be completed ?

 

[Alex54321]

Hi,

I am on PR residing in Canada. I am expecting more than CAD 10000 from my parents who are living abroad. As this is a gift, do I need to pay taxes. If not are there any procedures to be completed ?

There is no "gift tax" in Canada.
"...Canada has no gift tax, so you can give your children any amount of cash, and it is not taxable as income or deductible as an expense..."
https://turbotax.intuit.ca/tips/tax-tip-if-i-give-cash-to-my-kids-is-it-tax-deductible-in-canada-5081

That being said, last week when we were returning from overseas trip visiting my parents with more than 10K US, we declared the money and during filling out the form Custom Officer asked for the source of the money. We said that that were personal saving kept overseas. That's it.

 

[atzquebec]

Thanks