Tax Break for family support

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ekvivek
Member since: Jun 03

Posts: 61
Location: Edmonton, Alberta
Post ID: #PID

Posted on: 17-02-08 04:46:06

Is it possible to get tax break for funds sent to India for support of parents.
If so, please advise.

ftfl
Member since: Jul 06

Posts: 2335
Location:
Post ID: #PID

Posted on: 17-02-08 06:46:33

Quote:
Originally posted by ekvivek

Is it possible to get tax break for funds sent to India for support of parents.
If so, please advise.

______________________________________________________________

It was there Long Long time ago.

Now the Government of Canada has applied their 'Brakes' for 'the breaks' that you are looking for.

If they arrive on PR after sponsorship, there is a possibility.

Freddie.

ekvivek
Member since: Jun 03

Posts: 61
Location: Edmonton, Alberta
Post ID: #PID

Posted on: 19-02-08 03:22:14

Thanks for your prompt reply

Fido
Member since: Aug 06

Posts: 5286
Location: Canada
Post ID: #PID

Posted on: 19-02-08 07:04:10

Not sure about parents but I claimed such exemption on money sent to my wife from here last year - she was in india that time and the tax consultants mentioned that it qualified.Remember to keep your receipts though.

At that time she was not a PR.

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Fido.

dp_jain
Member since: Jan 04

Posts: 418
Location: Brampton
Post ID: #PID

Posted on: 20-02-08 20:25:16

If CRA comes after you, you need to prove the money was transferred in her name, through any provable means such as bank and lot more.

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Live and Let Live. Together we can make a difference.

DP JAIN, CPA, CGA, CPA (US), CA(I), LL.B.(I)
416-305-0080
(Loans, Mortgage, Tax, Accounting, Investments)

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