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Parents transfer money and tax

fuyiii

Full Member
Jan 21, 2015
48
0
Hello,
I am holding work permit here in Canada. I want to buy a house here and my parents are willing to support me financially.
Here are my questions:
1)If my parents transfer money from there bank account to my account in Canada, will that money be taxed?
2)Is there a limit of the money my parents can transfer to me?


Thank you very much for help! Any clues are much appreciated!
 

steaky

VIP Member
Nov 11, 2008
15,185
1,864
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1) Canada would not tax them but not sure about the other side
2) You would have to research whether there is a limit from the other country
 

fuyiii

Full Member
Jan 21, 2015
48
0
steaky said:
1) Canada would not tax them but not sure about the other side
2) You would have to research whether there is a limit from the other country
Thank you very much!
So basically there is no limit for the money coming into Canada, and it will not considered as my income right?