Transfering funds from different country. Taxes? Fees?

[KLRKKLRK]

Hello,

I’m planning to buy a house and my friend from the country I used to live had offered me a loan. He can send me around 20k $ to have it for a down payment.

The question is: how do we do that? Are there any taxes, are there any ways to have it done easily? We will check how it looks like from his perspective of course, but at the moment I would like to know what the Canadian law says about it.

I’d appreciate any responses!

 

[PMM]

HI

Hello,

I’m planning to buy a house and my friend from the country I used to live had offered me a loan. He can send me around 20k $ to have it for a down payment.

The question is: how do we do that? Are there any taxes, are there any ways to have it done easily? We will check how it looks like from his perspective of course, but at the moment I would like to know what the Canadian law says about it.

I’d appreciate any responses!

1. No taxes or fees. Just have him wire the money to your Bank. Note that the mortgage holder is going to want to know how you got the money, and if it is a loan.

 

[KLRKKLRK]

Thanks for the reply. Well I guess I can always tell the bank that the amount has been given to me so it won‘t affect the mortgage process.

What about CRA? Any chance that they will inquire or audit me about this sum of money coming from abroad?