Good afternoon! My father, a non-resident of Canada, gave me real estate abroad and money. I am a Canadian tax resident. Do I have to report gifts to the IRS or file a tax return?
Good afternoon! My father, a non-resident of Canada, gave me real estate abroad and money. I am a Canadian tax resident. Do I have to report gifts to the IRS or file a tax return?
Good afternoon! My father, a non-resident of Canada, gave me real estate abroad and money. I am a Canadian tax resident. Do I have to report gifts to the IRS or file a tax return?
Not the gift. But if you own any real estate/property/captial over 100KCnd$, you need to declare it to CRA. BTW this is Canada, unless you are an American or needs to file US tax, you don't need to deal with IRS.
Thanks a lot! You helped a lot!
And the last question: if my father, who is not a resident of Canada, gives me money, with which I will later buy a property or a car in Canada, what tax consequences does this have for me?
Thanks a lot! You helped a lot!
And the last question: if my father, who is not a resident of Canada, gives me money, with which I will later buy a property or a car in Canada, what tax consequences does this have for me?
Thanks a lot! You helped a lot!
And the last question: if my father, who is not a resident of Canada, gives me money, with which I will later buy a property or a car in Canada, what tax consequences does this have for me?
No tax on money gift. If you bring cash more than 10K Cnd across the border, you need to declare it. If it's via bank transfer, bank will ask you for the source and it's fine for gift from family.
Not the gift. But if you own any real estate/property/captial over 100KCnd$, you need to declare it to CRA. BTW this is Canada, unless you are an American or needs to file US tax, you don't need to deal with IRS.
Just a clarification. Only real estate/property that is owned for any purpose other than personal use needs to be reported. If one has a house back home and has a family member living there, no need to report in T form.