Gift Money from Non resident Parents

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fukrinamaar
Member since: Apr 09

Posts: 4
Location:
Post ID: #PID

Posted on: 12-04-09 04:27:05

Same question here ..........a mother an Indian citizen and never came to canada.

She wants to gift around $ 250,000 to her Son or if she can to her Daughter in law to buy a house.

My questions are that for Sending this amount in single payment or more...

1. Will receiver have to declare it to CCRA, FINTRAC, CBSA or any other agency or income tax return?

2. Can they question about the source or proof of funds at mothers end?

3. Can she also Gift this money to her daughter in law?

Also please advice the best way to send this much amount.

Another question :

• Are these money exchanges that you see ads in various local Desi Canadian papers or hear on Desi radio channels ok to send money to Canada. Are they reliable, trust able, legal?

amish2
Member since: Aug 08

Posts: 27
Location:
Post ID: #PID

Posted on: 13-04-09 09:48:02

This link is excellent

http://www.canadiandesi.com/read.php?TID=23000

and also this

2) http://www.canadiandesi.ca/read.php?TID=22421&page=1

3) http://www.canadiandesi.com/read.php?TID=17812

4) http://www.canadiandesi.com/read.php?TID=16971

This is also interesting to read ... something related

5) http://www.canadiandesi.com/read.php?TID=16672

fukrinamaar
Member since: Apr 09

Posts: 4
Location:
Post ID: #PID

Posted on: 14-04-09 00:05:11

Thank you Amish ji. Really useful links. I appreciate the effort you made for this research.

But I'm still looking for these answers

3. Can she also Gift this money to her daughter in law?

Thanks again.

amish2
Member since: Aug 08

Posts: 27
Location:
Post ID: #PID

Posted on: 19-04-09 20:25:25

Try reading this:

http://www.cra-arc.gc.ca/E/pub/tg/p113/p113-08e.pdf

Contributors: Smiley(3) fukrinamaar(2) faisal(2) Pramod Chopra(2) amish2(2)

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