Posted on: 10-11-15 16:44:20
My parents are thinking about sending me some money as a gift from outside of Canada ( I am a Canadian citizen and they are not).
I have checked with my bank, RBC, and they have stated that to the extent that the amount is a gift from parents to child, there are no tax implications resulting from the transfer of funds.
Just wanted to confirm that this is infact the case and see if there is any cap on the amount that can be transferred in a year without any tax implications?
Thanks for the help and guidance.
Same question I have ...
I am PR . There are some shares on my mother's name bought few decades back and it present value is good . My mother want to sell these shares and transfer that amount to me in Canada .
Let me know ..
1. Do she have to pay tax on those share money ?
2. Maximum how much amount She is allowed to transfer me in Canada ?
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DSD
As per RBI the maximum amount that can be transferred in a year is USD 250,000 $. I myself did some transfer earlier this year (parents gifting money to me ) of course it was not 250,000 so I faced no issues.
I gave a cheque to Thomas Cook from my parents account which was wired in Canadian $ to my bank account here. The entire process was done in 2 days. No questions by the bank here as it is a gift.
Great, thanks for the feedback. I have done some research online and looks like the financial institutions do have to report to the CRA any electronic transfer of funds greater than CAD 10,000. If the CRA does ever inquire, is there a benefit to document that said transfer was a gift and what would be the best way to document this?
Well I work with a bank and the documents you need if at all there is an enquiry (ideally it should not be a problem since the bank will have a trail of the funds i.e. from where the funds have come) regardless you can keep the receipt of the payment from forex agent. if you have any questions you can call me. I have sent you a msg with my contact details. You can call me and I can explain you the entire process as I have done it recently
Hi Friends
Could you please advise regarding transfer of funds from my parents in India. I am Canadian Citizen and my parents are not. They want to transfer as gift as they are senior citizens. They did not file any taxes for the last couple of years.
Unless this transfer of funds, a gift, is a small one and also for your day to day living, I would retain the same there in India. The reasons being.
1) The economic conditions that are currently existing here in Canada does not permit for any sane line of investment.
2) The rate of returns that you can obtain there in India are very big and are in multiples of the returns here in Canada.
3) The rates quoted for US Dollar are floating between, or in the range of, 65.4/67 Rupees to a dollar. (Pretty near range bound.) Where as the Canadian dollar is moving in wild swings and is getting eroded slowly and relatively uncertain.
4) Unless you are using this for the purchase of a house and slightly out of the GTA area, and in the suburbs, and for an Independent house, and for your own living, the investment in the residential market is getting weaker and stagnant. Also you should have a very steady job to go with it, to jump into such a purchase.
These are my observations and I find that I have stated too much here, just for a small transfer of a few rupees.
FH.
Edit: The Bank Manager will only ask for an AADHAR Card and a few identifying papers to export the sum out of India. Also ask them to write a small letter stating that this sum is a gift to his son. From Father to son that is.
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Quote:
Originally posted by 1or2beers
Hi Friends
Could you please advise regarding transfer of funds from my parents in India. I am Canadian Citizen and my parents are not. They want to transfer as gift as they are senior citizens. They did not file any taxes for the last couple of years.
