Status of money repatriated by parents to help buy property in Canada


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sajmad   
Member since: Aug 04
Posts: 47
Location:

Post ID: #PID Posted on: 10-10-21 07:43:12

My parents want to support me financially in buying a town house in Canada and plan to wire transfer from Dubai the downpayment compeonent of the money to ease my constraints.
I am not sure whether there will be any impact from taxation POV on me. Some say the the money should not be used/touched for at east three months once its credited to my account .
I want to know from tax experts is there is any such condition like that ? and will I be taxed on this money that I recieve from my parents and later buy a home using it?
Alsom is there any limit to the money that I can recieve from a legible source (like my Father or my brother etc.) , which is NOT MY EARNING anyway.

I will really appreciate your pointed response.





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