Is there any tax on the money transfered from overseas to Canada?

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no there no tax on gift being sent canada overseas (at least on canadian side of things). if parents bring on person through customs, have declare border officers, if done electronically, no, no tax or declarations.

canada encourages money enter country... there should no reason taxation of such funds.

if put funds account earned income interest or capital gains in canada, pay tax on growth portion of funds, putting house, again, no tax.

my parents planning send me money (200 k) middle east canada gift down payment of first house. wondering if need pay tax on here in canada? best way transfer money min amount of tax?

lot


Business & Finance Taxes Canada Next



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