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Tax on Gifted money from outside canada

Siby Arasu

Newbie
Jul 1, 2012
8
0
My father has sold one of his businesses in homeland outside Canada and he decided to give me and my brother cretin amount of the money as gift. The amount is more than 110 K CAD. Is this a gift or income? in case of gift, Is this taxable? and how I can report it as gift?

Note: My father is not Canadian citizen or PR. The business was sole proprietorship and owned completely by him.
 

kiwi1959

Star Member
Jun 17, 2012
94
2
Hi

are Gifts subject to prove of source or just Internatiinal wire transfer to your bank account ?
Does government ask further questions or not because as money landering mesure?
 

steaky

VIP Member
Nov 11, 2008
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kiwi1959 said:
Hi

are Gifts subject to prove of source or just Internatiinal wire transfer to your bank account ?
Does government ask further questions or not because as money landering mesure?
nope
 

Peace Lover

Member
Dec 19, 2013
19
0
Hi

I am PR landed in 2010 and was going back and forth. I came back to Canada last week and made some cash transfer money of 100k CAD from my bank in home country to my bank here and I plan to make more transfers as I plan to buy a condo. I heard that I might be questioned by CRA to prove the source of the this cash. Is that correct?

P.S I am filing tax since 2010
 

Suin

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Sep 14, 2008
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Peace Lover said:
Hi

I am PR landed in 2010 and was going back and forth. I came back to Canada last week and made some cash transfer money of 100k CAD from my bank in home country to my bank here and I plan to make more transfers as I plan to buy a condo. I heard that I might be questioned by CRA to prove the source of the this cash. Is that correct?

P.S I am filing tax since 2010
Any updates on this question?
 

torontosm

Champion Member
Apr 3, 2013
1,677
261
Peace Lover said:
Hi

I am PR landed in 2010 and was going back and forth. I came back to Canada last week and made some cash transfer money of 100k CAD from my bank in home country to my bank here and I plan to make more transfers as I plan to buy a condo. I heard that I might be questioned by CRA to prove the source of the this cash. Is that correct?

P.S I am filing tax since 2010
The CRA can definitely question you on the source of the funds, particularly if they believe that you had not previously declared income from any overseas assets (i.e., rental properties or investments).