Tax on Gifted money from outside canada

[Siby Arasu]

My father has sold one of his businesses in homeland outside Canada and he decided to give me and my brother cretin amount of the money as gift. The amount is more than 110 K CAD. Is this a gift or income? in case of gift, Is this taxable? and how I can report it as gift?

Note: My father is not Canadian citizen or PR. The business was sole proprietorship and owned completely by him.

 

[steaky]

Gift are not taxable.

 

[kiwi1959]

Hi

are Gifts subject to prove of source or just Internatiinal wire transfer to your bank account ?
Does government ask further questions or not because as money landering mesure?

 

[steaky]

Hi

are Gifts subject to prove of source or just Internatiinal wire transfer to your bank account ?
Does government ask further questions or not because as money landering mesure?

nope

 

[Peace Lover]

Hi

I am PR landed in 2010 and was going back and forth. I came back to Canada last week and made some cash transfer money of 100k CAD from my bank in home country to my bank here and I plan to make more transfers as I plan to buy a condo. I heard that I might be questioned by CRA to prove the source of the this cash. Is that correct?

P.S I am filing tax since 2010

 

[Suin]

Hi

I am PR landed in 2010 and was going back and forth. I came back to Canada last week and made some cash transfer money of 100k CAD from my bank in home country to my bank here and I plan to make more transfers as I plan to buy a condo. I heard that I might be questioned by CRA to prove the source of the this cash. Is that correct?

P.S I am filing tax since 2010

Any updates on this question?

 

[torontosm]

Hi

I am PR landed in 2010 and was going back and forth. I came back to Canada last week and made some cash transfer money of 100k CAD from my bank in home country to my bank here and I plan to make more transfers as I plan to buy a condo. I heard that I might be questioned by CRA to prove the source of the this cash. Is that correct?

P.S I am filing tax since 2010

The CRA can definitely question you on the source of the funds, particularly if they believe that you had not previously declared income from any overseas assets (i.e., rental properties or investments).