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Level 2
posted Apr 20, 2024 12:03:44 PM

How to report foreign capital as a gift?

received as C$ already, how to report in tax return

0 1 3923
1 Best answer
Moderator
Apr 20, 2024 12:36:49 PM

Gifts are not taxable in Canada and don't need to be included on your return. However, if you have the money in a foreign bank account, and it was more than $100,000 CAD, you might need to report it on a T1135 – Foreign Income Verification Statement.

1 Replies
Moderator
Apr 20, 2024 12:36:49 PM

Gifts are not taxable in Canada and don't need to be included on your return. However, if you have the money in a foreign bank account, and it was more than $100,000 CAD, you might need to report it on a T1135 – Foreign Income Verification Statement.