Tax on money repatriated by parents to me for buying property in Canada

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Member since: Aug 04
Posts: 47

Post ID: #PID Posted on: 13-10-21 15:19:17

My parents want to support me from abroad financially in buying a town house in Canada and plan to wire transfer the downpayment portion of money. I am a Perm. resident.
I am not sure whether there will be any impact from taxation Point of view on me. Some one from RBC said the the money should not be used/touched/ invested for property purpose for at east three months once its credited to my account .
I want to know from tax experts is there 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?
Also is there any limit to the money that I can recieve from a legible source (like from my Parents.) , which is NOT MY EARNING anyway.

I will really appreciate your pointed response.

Member since: Jan 05
Posts: 4
Location: Toronto

Post ID: #PID Posted on: 18-10-21 15:32:57

I think there is no restriction from Canada if you are getting money legally. Bank who wants to give you mortgage may ask to prove that this is not borrowed money which you need to refund back. Otherwise it is considered loan by bank and you may not easily qualify.

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