How to report property received as gift from parents?

[TurboTaxLise]

Wow! You have some awesome parents and as the recipient of the gift, you do not have to pay any tax, but you may have to pay capital gains tax. 

Please refer to the links below for more information.

From TurboTax Blogs: Asset Transfers, Gifts and Taxation

From the CRA: Property you inherit or receive as a gift