My Dad wants to give me some money as gift around $100,000 Canadian dollars. Will there be any tax implications for me?
Funds would be coming from India, outside Canada
01540
1 Replies
TurboTaxMary-Ann1
Level 13
Nov 25, 2019 8:14:08 AM
If the money is a gift, it is not considered as income and therefore does not need to be reported on your tax return. However, any interest that is earned on the money, will need to be reported on your income tax return.