I know this topic is discussed so many times, but could't find answer

What is the limit of Gift Amount which can be received from Parents in India
I tried to check CRA website, but failed..

Here is situation -

My friend is buying new home & in order to save CMHC fees, he wants to pay 20% downpayment
The problem is he is short of $10000-15000
He has money is his bank account in India ( regular saving or fixed deposits & not NRE / NRO )

Some one suggested him not to bring his OWN money to Canada due to tax implications. But same person suggested to bring through Parents
I heard that Parent can sent money to Children as Gift amount

Is that TRUE ?
If yes , what is limit of this Gift amount ?

What are the other LEGAL ways of bringing money to Canada ?
How much Indian banks usually charge while doing WIRE transfer ?

He already checked with TD in Canada & there are no charges for receiving money from India

If parents can't sent money due to some reasons,
can brother or friend do the same thing ?

Will there be any tax issues ?

Thanks..

( this person is in Canada & on PR for last 3-4 years )

No problem for bringing money to Canada. Canada loves money, just get the gift letter from parents as a proof and keep it at safe place so in future if CRA calls.
In case of friends or brother I don't know may be some experts can throw light.
Canadian Bank don't charge money for receiving. However, Financial institute in India charge money. Go to any nationalized bank in India they can wire transfer

Try Westen Union

Do any one knows commission, limit of each transaction in India, what details they need, how safe to send with them

Any comment..

This link should answer many questions for you.

http://www.icicibank.com/Personal-Banking/account-deposit/Outward-Remittance/faqs.html " target="_blank"> http://www.icicibank.com/Personal-Banking/account-deposit/Outward-Remittance/faqs.html

Few details that I know is as follows -

1. Wire transfer is somewhere around 1000 INR for USD 500 & above.

2. Exchange rates by the banks are not good at all.

3. Try private (authorized) forex dealers or their sub-dealers who would give you a much much better rate than a bank. Close to 50p - 90p per dollar better than the banks. http://www.vkcforex.com/vkcv2/index.html " target="_blank"> http://www.vkcforex.com/vkcv2/index.html

4. Forex draft is a lot cheaper, but the deposit is held for 7 - 21 days in the Canadian bank before it reflects in your account.

5. Transferring money from India can be done by father, or any other close relative. The limit is 100,000 USD per year. Pretty liberalised. There is a form called A2 to be filled in by the remitter and it is straight forward.

Try googling for India forex laws for detailed info.

Good Luck!

How is it declared on the tax forms ?

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Originally posted by candesi101

How is it declared on the tax forms ?

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