My question is: Canadian-specific
QUESTION: I am a canadian citizen. I own two properties in Montreal. My parents who live in Asia want to gift me some money that i want to use to purchase another property. Would i be taxed by the canadian govt on that gift? Will i have to report the remittance?
Thanks
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david ingram replies:
Just make sure that it is clearly documented as coming from your parents and a gift. That way, you have an explanation for having the money if the CRA ever wants to perform a net worth assessment on your income.
There is no gift tax in Canada.
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