Hi
I became a PR in 2009, became a citizen in 2015 and have graduated in Canada and employed in Canada. My father who is not a PR or citizen anymore (he lost his PR for not fulfilling PR requirements) wants to gift certain amount of money to me for my higher studies and also to help me buy a house. He has sold a property of his and gifted the money to me through a registered affidavit in that country. I applied to that country's government authorities (Central Bank and Inland Revenue Dept.) to bring that money to Canada and for that purpose, opened a specific " N R Block account" in one of the banks in that country.(that's the requirement of that country), got the necessary approvals from the above mentioned authorities and the money (approx. CAD 175,000) is lying in the said N R Block in my name .
I checked with my Canadian Bank (RBC) here about any restrictions or requirements to wire in the said money to my Savings Account with RBC. They confirmed there will be no issue from the bank to recieve that amount of money and asked me to check with a tax consultant for possible tax implications. I consulted my Tax consultant who confirmed that only the interest earned for that amount of money in the savings account will be reported to tax authorities.
My query is :
1) do I have to declare this money transfer to any authority before I do the money transfer? (e.g. Canada Border services?)
2) If I don't do you think I can be imposed a penalty or something like that?
Thank you in advance
day13g52
I became a PR in 2009, became a citizen in 2015 and have graduated in Canada and employed in Canada. My father who is not a PR or citizen anymore (he lost his PR for not fulfilling PR requirements) wants to gift certain amount of money to me for my higher studies and also to help me buy a house. He has sold a property of his and gifted the money to me through a registered affidavit in that country. I applied to that country's government authorities (Central Bank and Inland Revenue Dept.) to bring that money to Canada and for that purpose, opened a specific " N R Block account" in one of the banks in that country.(that's the requirement of that country), got the necessary approvals from the above mentioned authorities and the money (approx. CAD 175,000) is lying in the said N R Block in my name .
I checked with my Canadian Bank (RBC) here about any restrictions or requirements to wire in the said money to my Savings Account with RBC. They confirmed there will be no issue from the bank to recieve that amount of money and asked me to check with a tax consultant for possible tax implications. I consulted my Tax consultant who confirmed that only the interest earned for that amount of money in the savings account will be reported to tax authorities.
My query is :
1) do I have to declare this money transfer to any authority before I do the money transfer? (e.g. Canada Border services?)
2) If I don't do you think I can be imposed a penalty or something like that?
Thank you in advance
day13g52
