Transfer of Funds to Canadian Bank Account

[chip2000]

Hello, My parents want to transfer 250,000 into their Canadian Bank Account. The funds are from their savings and they have declared/paid taxes on this. They want to keep it in Canada because they are hoping to immigrate. Their account is joint with me and I am a resident here. Can you please tell me if there is any problem with this?

 

[mad_hatter]

If the money is deposited in an account joint with you, you will have to pay tax on the interest earned on the $250,000. It is much better for your parent to have their own account.